Determine the amount of long-term debt for ABC Co. using the following balance sheet information: cash balance of $24,700, accounts payable of $96,526, common stock of $401,347, retained earnings of $501,930, inventory of $205,420, other assets equal to $77,911, net plant and equipment of $706,520, short-term notes payable of $30,000, and accounts receivable of $142,714. Long-Term Debt
Determine the amount of long-term debt for ABC Co. using the following balance sheet information: cash balance of $24,700, accounts payable of $96,526, common stock of $401,347, retained earnings of $501,930, inventory of $205,420, other assets equal to $77,911, net plant and equipment of $706,520, short-term notes payable of $30,000, and accounts receivable of $142,714. Long-Term Debt
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 49E
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The answer of $118,462 was offered but it was incorrect.
![Determine the amount of long-term debt for ABC Co. using the following balance sheet
information: cash balance of $24,700, accounts payable of $96,526, common stock of
$401,347, retained earnings of $501,930, inventory of $205,420, other assets equal to
$77,911, net plant and equipment of $706,520, short-term notes payable of $30,000, and
accounts receivable of $142,714.
Long-Term Debt
%24](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff3317c90-5750-46e3-8a5a-b8a5f676500b%2F866ae5c0-cc7f-4d06-83a2-1fc4520960c8%2F4ntp49_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Determine the amount of long-term debt for ABC Co. using the following balance sheet
information: cash balance of $24,700, accounts payable of $96,526, common stock of
$401,347, retained earnings of $501,930, inventory of $205,420, other assets equal to
$77,911, net plant and equipment of $706,520, short-term notes payable of $30,000, and
accounts receivable of $142,714.
Long-Term Debt
%24
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