Answer:
Long term debt is $ 166,621
Explanation:
Firstly, we have to classify the available data into their correct headings.
Assets
Cash $ 23,015
inventory $ 210,000
Accounts Receivable $ 141,258
Other current assets $ 11.223
Plant and Equipment (Net) $ 710,000
Goodwill and other assets <u>$ 78,656</u>
Total Assets <u>$ 1,174,152</u>
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Liabilities
Accounts Payable $ 163,257
Short term notes payable <u>$ 21,115</u>
Total liabilities without long term debt <u>$ 184,372</u>
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Stockholders equity
Common stock $ 311,000
Retained earnings $ 512,159
Total Stockholders Equity <u> $ 823,159</u>
By using the fundamental accounting equation which is
Assets= Liabilities + Owners equity
$ 1,175,152 = $ 184,372 + $ 823,159 = $ 166,621
so the amount of long term debt is $ 166,621, this would balance the accounting equation.