Question

Tumbling Haven, a gymnastic equipment manufacturer, provided the following information to its accountant. The company had...

Tumbling Haven, a gymnastic equipment manufacturer, provided the following information to its accountant. The company had current assets of $145,332, net fixed assets of $356,190, and other assets of $4,176. The firm has long-term debt of $76,445, common stock of $250,000, and retained earnings of $134,461. What amount of current liabilities does this firm have?

Homework Answers

Answer #1

  • Total assets = Total liabilities and equity. = $505,698 (because, assets = liabilities + equity)
  • Total equity = $384,461
  • ∴ Total liabilities = Total liabilities and equity - Total equity = $505,698 - $384,461 = $121,237
  • Current liabilities = Total liabilities - Long-term debt = $121,237 - $76,445 = $44,792
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. Johnston & Myers Inc. had the following balance sheet data for a recent year: Current...
1. Johnston & Myers Inc. had the following balance sheet data for a recent year: Current assets $720,000 Property, plant, and equipment (net) 1,110,000 Current liabilities 230,000 Long-term liabilities 450,000 Common stock, $10 par 250,000 Retained earnings 1,000,000 What is Johnston & Myers Inc.’s ratio of fixed assets to long-term liabilities? a. 0.9 b. 2.1 c. 4.1 d. None of these choices are correct. 2. Johnston & Myers Inc. had the following balance sheet data for a recent year: Current...
Balance Sheet Calculations Fermer Company's balance sheet information at the end of 2016 and 2017 is...
Balance Sheet Calculations Fermer Company's balance sheet information at the end of 2016 and 2017 is as follows: 2016 2017 Total shareholders' equity $ (a) $100,700 Accumulated other comprehensive income 4,800 5,000 Current liabilities (b) 9,800 Intangible assets 12,600 12,000 Property, plant, and equipment (net) (c) 87,500 Current assets 21,000 (h) Total contributed capital 51,000 (i) Long-term liabilities (d) 30,200 Retained earnings 42,900 (j) Total assets (e) (k) Common stock, $10 par (f) (l) Working capital 9,900 10,200 Additional paid-in...
Tropical, Inc. has provided the following financial information in its application for a loan. Assets Liabilities...
Tropical, Inc. has provided the following financial information in its application for a loan. Assets Liabilities and Equity ___________________________________________________ Cash $ 20 Accounts Payable $ 30 Accounts Receivables $ 90 Notes Payable $ 90 Inventory $ 90 Accruals $ 30 Long Term Debt $150 Plant and equipment $500 Equity $400 ----------------------------------------------------------------------------------- Also assume sales = $500, cost of goods sold = $360, taxes = $56, interest payments = $40, net income = $44, the dividend payout ratio is 50%, and...
Blackwell Automotive’s balance sheet at the end of its most recent fiscal year shows the following...
Blackwell Automotive’s balance sheet at the end of its most recent fiscal year shows the following information: Flying Roos Corporation Balance Sheet as of December 31, 2014 Assets: Liabilities and Equity: Cash and marketable sec. $23,015 Accounts payable and accruals $163,257 Accounts receivable $141,258 Notes payable $21,115 Inventories $212,444 Total current liabilities $184,372 Total current assets $387,940 Long-term debt $168,022 Total liabilities $352,394 Net plant and equipment $711,256 Common stock $313,299 Goodwill and other assets $78,656 Retained earnings $512,159 Total...
In its closing financial statements for its first year in business, ABC Enterprises, had cash of...
In its closing financial statements for its first year in business, ABC Enterprises, had cash of $242, accounts receivable of $850, inventory of $820, net fixed assets of $3,408, accounts payable of $700, short-term notes payable of $740, long-term liabilities of $1,100, common stock of $1,160, retained earnings of $1,620, net sales of $2,768, cost of goods sold of $1,210, depreciation of $160, other operating expenses of $200, interest expense of $160, taxes of $312, addition to retained earnings of...
Refine Assumptions for Dividend and Retained Earnings Forecast Provided below is FY2016 information for Medtronic PLC....
Refine Assumptions for Dividend and Retained Earnings Forecast Provided below is FY2016 information for Medtronic PLC. Medtronic plc Consolidated Statement of Income ($ millions) Apr. 29, 2016 Net sales $29,277 Costs and expenses Cost of products sold 9,142 Research and development expenses 2,224 Selling, general, and administrative expense 9,469 Special charges (gains), net 70 Restructuring charge, net 290 Certain litigation charges, net 26 Acquisition-related items 283 Amortization of intangiable assets 1,931 Other expense, net 107 Operating profit 5,735 Interest expense,...
Refine Assumptions for Dividend and Retained Earnings Forecast Provided below is FY2016 information for Medtronic PLC....
Refine Assumptions for Dividend and Retained Earnings Forecast Provided below is FY2016 information for Medtronic PLC. Medtronic plc Consolidated Statement of Income ($ millions) Apr. 29, 2016 Net sales $29,277 Costs and expenses Cost of products sold 9,142 Research and development expenses 2,224 Selling, general, and administrative expense 9,469 Special charges (gains), net 70 Restructuring charge, net 290 Certain litigation charges, net 26 Acquisition-related items 283 Amortization of intangiable assets 1,931 Other expense, net 107 Operating profit 5,735 Interest expense,...
14)       [The following information applies to the question displayed below.] Wichita, Inc., had reported the following...
14)       [The following information applies to the question displayed below.] Wichita, Inc., had reported the following amounts on its financial statements prepared as of the end of the current accounting period: Revenues $ 222,000 Expenses 173,200 Net income $ 48,800 Current assets $ 61,000 Long-term assets 183,000 Total assets $ 244,000 Current liabilities $ 42,000 Long-term liabilities 91,000 Total liabilities $ 133,000 Common stock $ 51,000 Retained earnings 60,000 Total equity $ 111,000 Total liabilities equity $ 244,000 14.1)      What...
In the Chapter Eight homework you were given the following information on ABC Enterprises. In its...
In the Chapter Eight homework you were given the following information on ABC Enterprises. In its closing financial statements for its first year in business, ABC Enterprises, had cash of $242, accounts receivable of $850, inventory of $820, net fixed assets of $3,408, accounts payable of $700, short-term notes payable of $740, long-term liabilities of $1,100, common stock of $1,160, retained earnings of $1,620, net sales of $2,768, cost of goods sold of $1,210, depreciation of $360, interest expense of...
​Common-size financial statements.  The balance sheet information for two companies is in the popup​ window:   LOADING.......
​Common-size financial statements.  The balance sheet information for two companies is in the popup​ window:   LOADING.... Complete the​ common-size balance sheet for these companies. Review each​ company's percentages of total assets. Are these companies operating with similar philosophies or in similar​ industries? What appears to be the major difference in financing for these two​ companies? % of % of Balance Total Balance Total ASSETS Co. 1 Assets LIABILITIES Co. 1 Assets Current assets Current liabilities Cash $5,365 % Accounts payable...