In: Finance
Determine the amount of long-term debt for ABC Co. using the following balance sheet information: cash balance of $24,723, accounts payable of $95,591, common stock of $401,194, retained earnings of $500,129, inventory of $204,960, other assets equal to $76,133, net plant and equipment of $707,654, short-term notes payable of $30,000, and accounts receivable of $142,312.
Total assets=cash+inventory+other assets+net plant and equipment+AR
=24723+204960+76133+707,654+142,312
=$1155782
Total equity=common stock+retained earnings
=401,194+500,129
=$901323
Current liabilities=AP+short term notes payable
=95,591+30,000
=$125591
Total assets=Total liabilities+Total equity
Total liabilities=1155782-901323
=$254459
Total liabilities=Current liabilities+Long term debt
Long term debt=254459-125591
=$128868