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Hint: Using the template below, create a Balance Sheet using the figures given above and write a formula in cell H25 to solve for long-term debt.

Hint: Using the template below, create a Balance Sheet using the figures given above and write a formula in cell H25 to solve for long-term debt.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 3.18 Problem 3.18 Tim Dye, the CFO of Blackwell Automotive, Inc., is putting together this year's financial statements. He has gathered the following balance sheet information: The firm had a cash balance of $23,015, accounts payable of $163,257, common stock of $313,299, retained earnings of $512,159, inventory of $212,444, goodwill and other assets equal to $78,656, net plant and equipment of $711,256, and notes payable of $21,115. It also had accounts receivable of $141,258 and other current assets of $11,223. How much long term debt does Blackwell Automotive have? ASSETS Cash & marketable securities Accounts receivable Inventories Hint: Using the template below, create a Balance Sheet using the figures given above and write a formula in cell H25 to solve for long-term debt. Other current assets Total current assets Problem 3.24 Net plant & equipment Goodwill & other assets Total Assets Problem 3.31 Blackwell Automotive, Inc. Balance Sheet as of 3/31/2009 Balance Sheet LIABILITIES & EQUITY Accounts payable & accruals Notes payable Total current liabilities. Long-term debt Total liabilities Common stock Retained earnings Total common equity Total Liabilities & Equity
Transcribed Image Text:Problem 3.18 Problem 3.18 Tim Dye, the CFO of Blackwell Automotive, Inc., is putting together this year's financial statements. He has gathered the following balance sheet information: The firm had a cash balance of $23,015, accounts payable of $163,257, common stock of $313,299, retained earnings of $512,159, inventory of $212,444, goodwill and other assets equal to $78,656, net plant and equipment of $711,256, and notes payable of $21,115. It also had accounts receivable of $141,258 and other current assets of $11,223. How much long term debt does Blackwell Automotive have? ASSETS Cash & marketable securities Accounts receivable Inventories Hint: Using the template below, create a Balance Sheet using the figures given above and write a formula in cell H25 to solve for long-term debt. Other current assets Total current assets Problem 3.24 Net plant & equipment Goodwill & other assets Total Assets Problem 3.31 Blackwell Automotive, Inc. Balance Sheet as of 3/31/2009 Balance Sheet LIABILITIES & EQUITY Accounts payable & accruals Notes payable Total current liabilities. Long-term debt Total liabilities Common stock Retained earnings Total common equity Total Liabilities & Equity
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