Problem
The assets of Austin & Associates consist entirely of current assets and net plant and equipment. The firm has total assets of $2,950,000 and net plant and equipment equals $2,200,000. It has notes payable of $180,000, long-term debt of $800,000, and total common equity of $1 500,000. The firm also has accounts payable and accruals on its balance sheet. The firm only finances with debt and common equity. so it has no preferred stock on its balance sheet. What are the company's current liabilities?