Question

The assets of Dallas & Associates consist entirely of current assets and net plant and equipment,...

The assets of Dallas & Associates consist entirely of current assets and net plant and equipment, and the firm has no excess cash. The firm has total assets of $2.9 million and net plant and equipment equals $2.6 million. It has notes payable of $150,000, long-term debt of $756,000, and total common equity of $1.5 million. The firm does have 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.

Write out your answers completely. For example, 25 million should be entered as 25,000,000. Negative values, if any, should be indicated by a minus sign. Round your answers to the nearest dollar, if necessary.

  1. What is the company's total debt?

$  

  1. What is the amount of total liabilities and equity that appears on the firm's balance sheet?

$  

  1. What is the balance of current assets on the firm's balance sheet?

$  

  1. What is the balance of current liabilities on the firm's balance sheet?

$  

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Homework Answers

Answer #1

A. Total debt=long term debt+current liability

=(644,000+756,000)

= 14,00,000

B. The amount of total liabilities and total equity will be equal to the amount of total Assets of the company and hence,

Total liabilities and equity that appear on the firm's balance it will be=29,00,000

C. Balance of the current asset on the balance sheet of the firm-

Total assets=current assets + net plant and equipment

29,00,000= current asset+26,00,000

Current assets= 3,00,000

D. Current liabilities on the balance sheet of the firm

Total liabilities and equity=Current liability+long term debt+total common equity

29,00,000=current liabilities+756000+15,00,000

Current liabilities= 6,44,000

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