Glen's tobacco shop has total assets of $99.2 million. Fifty percent of these assets are financed...
Glen's tobacco shop has total assets of $99.2 million. Fifty percent of these assets are financed with debt of which $30.7 million is current liabilities. The firm has no preferred stock but the balance in common stock and paid- in surplus is $27.4 million. What is the balance for long term debt and retained earnings on Glens Tobacco Shops balance sheet? Round to 1 decimal
Homework Answers
Total assets = 99.2 million
50 % financed with debt = 99.2 million * 50% i.e 49.6 million
Total debt = Current liabilities + Long term debt
49.6 million = 30.7 million + Long term debt
Long term debt = 18.9 million
Total assets = Current liabilities + long term debt + Stockholders equity
99.2 million = 30.7 million + 18.9 million + 27.4 million + Retained earnings
Retained earnings = 22.2 million
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