Tim Dye, the CFO of Blackwell Automotive, Inc., is putting together this year\'s
ID: 2613113 • Letter: T
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 $314,000, retained earnings of $512,159, inventory of $211,200, goodwill and other assets equal to $78,656, net plant and equipment of $711,800, 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
The long term debt of Blackwell Automotive is $166,421
The long term debt of Blackwell Automotive is $166,421
Balance Sheet Blackwell Automotive Assets Amt $ Liabilities Amt $ Cash 23,015 Accounts Payable 163,257 Inventory 212,300 Short term nOtes 21,115 Goodwill & Other assets 78,656 Accounts Receivable 141,258 Common Stock 313,600 Other Current Assets 11,223 Retained earning 512,159 Net P&E 710,100 Long Term Debt (balancing figure ) 166,421 Total Assets 1,176,552 Total Liabilities 1,176,552