1) Tumbling Haven, gymnastic equipment manufacturer, has given the information to its accountants. Company had present assets of= $145,332, net fixed assets of= $356,190, and other assets of= $4,176. Firm has long-term debt of= $76,445, common stock of= $200,000, and retained earnings of= $134,461. Determine the amount of current liabilities does this firm have?
a. $94,792
b. $505,678
c. $171,217
d. None of the above
2) Teakap, Inc., has present assets of= $ 1,456,312 and total assets of= $4,812,369 for year ending September 30, 2006. It also has present liabilities of= $1,041,012, common equity of= $1,500,000, and retained earnings of $1,468,347. How much long-term debt does firm have?
a. $1,844,022
b. $2,303,010
c. $2,123,612
d. $803,010