Last year, on the balance sheet, Ward Co. had intangible fixed assets of $780,000, retained earnings of $675,000, accounts payable of $370,000, common stock & paid in capital of $600,000, notes payable of $105,000, inventory of $325,000, cash of $75,000, tangible fixed assets of $875,000, and accounts receivable of $220,000. What is the amount of the firm’s long-term debt?

Answer rating: 100% (QA)

To determine the amount of the firms longterm debt we need to subtract the current liabiliti... View the full answer