Homework Answers
Total assets = 91.8 million
% of total assets financed with debt = 91.8 million * 50% i.e 45.9 million
Current liabilities = 28.9 million
Total liabilities = Current liabilities + long term debt
45.9 million = 28.9 million = Long term debt
Long term debt = 45.9 million - 28.9 million
Long term debt = 17 million
Total equity = 45.9 million
Total equity = Common stock + Paid in surplus + Reatined earnings
45.9 million = 20.4 million + Retained earnings
Retained earnings = 45.9 million - 20.4 million
Retained earnings = 25.5 million
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