Vanguard Enterprises prepared its financial statements for2020 based on the information below. The company hadcash of $2,300, inventory of $19,400, and accountsreceivables of $8,100. The company's net fixed assets were$55,000, and other assets were $4,500. It had accountspayable of $13,700, notes payable of $5,500, commonstock of $30,000, and retained earnings of $17,200. Howmuch long-term debt did the firm have?

Step 1: Definition of Long-Term DebtLong-term debt refers to financial obligations that a company is…

Answered: Vanguard Enterprises prepared its…

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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Consider the following financial data for Terry Enterprises: Balance Sheet as of December 31, 2018 Cash $ 86,000 Accounts payable $ 15,500 Accts. receivable 91,500 Notes payable 93,500 Inventories 65,500 Accruals 19,500 Total current assets $ 243,000 Total current liabilities $ 128,500 Long-term debt 162,500 Net plant & equip. 419,500 Common equity 371,500 Total assets $ 662,500 Total liab. & equity $ 662,500 Statement of Earnings for 2018 Industry Average Ratios Net sales $ 642,500 Current ratio 2.2× Cost of goods sold 482,000 Quick ratio 1.7× Gross profit $ 160,500 Days sales outstanding 44 days Operating expenses 119,500 Inventory turnover 6.7× EBIT $ 41,000 Total asset turnover 0.6× Interest expense 14,500 Net profit margin 7.2% Pre-tax earnings $ 26,500…
Jones Corp. reported current assets of $201,500 and current liablities of $143,000 on its most recent balance sheet. The currect assets consisted of $60,000 cash; $40,600 Accounts Recievable; and $100,900 if Inventory. The acid-test (quick) ratio is:
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NNR Inc.'s balance sheet showed total current assets of $1,875,000 plus $4,225,000 of net fixed assets. All of these assets were required in operations. The firm's current liabilities consisted of $475,000 of accounts payable, $375,000 of 6% short-term notes payable to the bank, and $150,000 of accrued wages and taxes. Its remaining capital consisted of long-term debt and common equity. What was NNR's total operating capital?
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