Homework Answers
a.Total Debt = Total Assets – Total Equity
= 3,000,000 – 1,500,000
= $1,500,000
b.Total liabilities and Equity is equal to total assets
= $3,000,000
c.Current Assets = Total Assets – Plant and Equipment
= 3,000,000-2,600,000
= 400,000
d.Current Liabilities = Total Liabilities – Long term debt
= 1,500,000 – 754,000
= $746,000
e.Accounts payables and accruals = current liabilities – notes payables
= 746,000 – 145,000
= $601,000
f.Working capital = Current Assets – Current Liabilities
= 400,000-746,000
= -346,000
Net operating working capital = current assets – Accounts payables and accruals
= 400,000 – 601,000
= -201,000
h.Difference = -346,000+201,000
= -145,000
Difference indicates note payable balance
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