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Dennis_Churaev [7]
3 years ago
7

Paul White, the CFO of Crane Automotive, Inc., is putting together this year's financial statements. He has gathered the followi

ng balance sheet information: The firm had a cash balance of $23,015, accounts payable of $163,257, common stock of $313,000, retained earnings of $512,159, inventory of $212,300, goodwill and other assets equal to $78,656, net plant and equipment of $713,500, and short-term notes payable of $21,115. It also had accounts receivable of $141,258 and other current assets of $11,223. How much long-term debt does Crane Automotive have
Business
1 answer:
IrinaVladis [17]3 years ago
6 0

Answer: $170,421

Explanation:

Using the Accounting equation;

Assets = Liabilities + Equity

Assets = Cash + Inventory + Goodwill and other assets + Net plant and equipment + Accounts receivable + Other current assets

= 23,015 + 212,300 + 78,656 + 713,500 + 141,258 + 11,223

= $1,179,952

Equity

= Common stock + Retained earnings

= 313,000 + 512,159

= $‭825,159‬

Liabilities = Assets - Equity

Current Liabilities + Long term debt = Assets - Equity

Long term debt = Assets - Equity - Current Liabilities

= 1,179,952 - ‭825,159‬ - (163,257 + 21,115)

= $170,421

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Soloha48 [4]

Answer:

the numbers are missing, so I looked for a similar question:

  1. Investment in the business $17,010
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3 years ago
Diane's Designs purchased a one-year liability insurance policy on March 1 of a year for $8,400 and recorded it as a prepaid exp
Liula [17]

Answer:

$700 (not given in the options)

Explanation:

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2 years ago
The __________ method provides an alternative approach for allocating factory overhead that uses multiple factory overhead rates
Karo-lina-s [1.5K]

The plantwide allocation is a method, which involves the alternatives to the approach for the allocation of factory overheads, and also uses factory overheads based on different activities.

<h3>What is plantwide allocation?</h3>

The plantwide allocation rate is a method that uses an approach to compile all the required overhead costs of a business, and thus also involves application of one rate for one activity in an organization.

Hence, the significance of plantwide allocation is as aforementioned.

Learn more about plantwide allocation here:

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2 years ago
LO 8.4What is the main difference between a flexible budget and a master budget?
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Answer:

Flexible budget and master budget are very different.

Explanation:

The "master budget" is the sum of all the budgets that are prepared by a company's various departments. They include financial statements that are budgeted, a financing plan and a cash forecast. They are based on one specific level of production.  

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