The following data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):Cash and marketable securities             $100Fixed assets                                            $280Sales                                                       $1,200Net income                                             $358Inventory                                                 $180Current ratio                                            3.2Average collection period                       45 daysAverage common equity                         $500 Calculate the amount of the long-term debt.(a) $134 (b) $500(c) $74 (d) $208

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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The following data apply to the next six problems. Consider Fisher & Company's financial data as follows (unit: millions of dollars except ratio figures):
Cash and marketable securities             $100
Fixed assets                                            $280
Sales                                                       $1,200
Net income                                             $358
Inventory                                                 $180
Current ratio                                            3.2
Average collection period                       45 days
Average common equity                         $500

Calculate the amount of the long-term debt.
(a) $134 (b) $500
(c) $74 (d) $208

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