Chapter 6, Problem 1DQ

Please explain the solution to this general accounting problem with accurate explanations.

Can you help me solve this financial accounting problem with the correct methodology?

The assets of Nike Industries consist entirely of current assets and net plant and equipment. The firm has total assets of $8,400,000 and net plant and equipment of $3,200,000. The company has long-term debt of $1,800,000, and common equity of $3,600,000. The firm has no preferred stock. What is the balance of current liabilities on the firm's balance sheet?

I need assistance with this financial accounting problem using valid financial procedures.

The inventory at the end of the year?

Granite Tools Inc. disposed of an asset at the end of the fifth year of its estimated life for $12,000 cash. The asset's life was originally estimated to be 7 years. The original cost was $49,000, with an estimated residual value of $7,000. The asset was being depreciated using the straight-line method. What was the gain or loss on the disposal?

None

Tesla Car Service started the year with total assets of $320,000 and total liabilities of $210,000. During the year, the business recorded $510,000 in revenues, $370,000 in expenses, and dividends of $45,000. What is the net income reported by Tesla Car Service for the year?

Can you help me solve this general accounting problem using the correct accounting process?