The Drayton, Inc., balance sheet shows current assets of $256,312 and total assets of $861,889. It also

Question:

The Drayton, Inc., shows current assets of $256,312 and total assets of $861,889. It also shows current liabilities of $141,097, common equity of $200,000, and retained earnings of $133,667. How much long-term debt does the firm have?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...