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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?

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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
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