Consider the balance sheet for Carson Plumbing on December 31, 2020: They had cash and marketable...

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Consider the balance sheet for Carson Plumbing on December 31, 2020: They had cash and marketable securities of $49,320.00, accounts receivable of $89,985.00, inventory of $59,560.00, and net fixed assets of $197,775.00. It also had accounts payable of $39,360.00, notes payable of $34,900.00, long-term debt of $164,490.00, and common stock of $64,130.00. For the balance sheet to be correct, what must the level of retained earnings be? Submit Answer format: Currency: Round to: 0 decimal places. Show Hint A firm has current assets of $1,192,020.00 and net fixed assets of $3,932,111.00. The firm has current liabilities of $791,751.00, and total shareholder equity of $2.970,866.00. How much long term debt should the firm have to support its assots? Submit Answer format: Currency: Round to: 0 decimal places. Consider the balance sheet for Carson Plumbing on December 31, 2020: They had cash and marketable securities of $49,320.00, accounts receivable of $89,985.00, inventory of $59,560.00, and net fixed assets of $197,775.00. It also had accounts payable of $39,360.00, notes payable of $34,900.00, long-term debt of $164,490.00, and common stock of $64,130.00. For the balance sheet to be correct, what must the level of retained earnings be? Submit Answer format: Currency: Round to: 0 decimal places. Show Hint A firm has current assets of $1,192,020.00 and net fixed assets of $3,932,111.00. The firm has current liabilities of $791,751.00, and total shareholder equity of $2.970,866.00. How much long term debt should the firm have to support its assots? Submit Answer format: Currency: Round to: 0 decimal places.

Answer rating: 100% (QA)

The accounting equation asserts that a firms total assets are always equal to the sum of its liabilities and shareholders equity This principle is bas... View the full answer