Tim Dye, the CFO of Blackwell Automotive, Inc., is putting together this year\'s

Question

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 $231,645, retained earnings of $512,159, inventory of $207,798, goodwill and other assets equal to $78,656, net plant and equipment of $680,348, and short-term 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?

Explanation / Answer

Total asset = $23,015 + $207,798+ $78,656+ $680,348 +$141,258 + $11,223 = 1142298 Total equity = $231,645 +$512,159 = 743804 Total long term debt = 1142298 - 743804 - $21,115 - $163,257 = $214,122

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