Question

g Enchancia Inc. reported the following information at its annual meeting: The company had cash worth $3,290,558, accurals of $576,944, inventory of $2,657,360, accounts receivable of $577,102, accounts payable worth $2,519,541, and notes payable worth $610,904. Their net fixed assets were $4,019,047 while their long-term debt was $1,481,937. Calculate the firm's Total Common Equity.

Answer 1

Answer:

$5,354,741

Explanation:

assets:

cash $3,290,558

inventory $2,657,360

accounts receivable $577,102

fixed assets $4,019,047

total assets = $10,544,067

liabilities:

accruals $576,944

accounts payable $2,519,541

notes payable $610,904

long-term debt $1,481,937

total liabilities = $5,189,326

equity = assets - liabilities = $10,544,067 - $5,189,326 = $5,354,741