Problem
Spartan Sportswear's current assets consist of cash, marketable securities, accounts receivable, and inventories. The following data were abstracted from a recent financial statement:
Inventories	$180,000
Total assets	$720,000
Current ratio	2.75
Acid-test ratio	1.5
Debt to equity ratio	1.4
Required:
Compute the Long-term liabilitiesfor Spartan.