Question

The Lonesome Duck has net working capital of $620. Long-term debt is $4,320, total assets are...

The Lonesome Duck has net working capital of $620. Long-term debt is $4,320, total assets are $8,190, and fixed assets are $4,710. What is the amount of the total liabilities? A. $4,920 B. $8,050 C. $6,890 D. $7,180 E. $2,860

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Answer #1

Option (D) is correct

First we will calculate the current assets as per below:

Total assets = Current assets + Fixed assets

putting the values in the above equation, we get,

$8190 = Current assets + $4710

Current assets = $8190 - $4710 = $3480

Next, we will calculate current liabilities as per below:

Working capital = Current assets - Current liabilities

putting the values in the above equation, we get,

$620 = $3480 - Current liabilities

Current liabilities = $3480 - $620 = $2860

Now,

Total liabilities = Current liabilities + Long term debt

Total liabilities = $2860 + $4320 = $7180

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