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kifflom [539]
3 years ago
12

Pfister Corporation has Long-term Assets of $485,000, Current Liabilities of $150,000, Long-term Liabilities of $220,000 and Own

ers' Equity of $320,000. Compute Current Assets.
Business
1 answer:
Stels [109]3 years ago
3 0

Answer:

$205,000

Explanation:

Total liabilities=current liabilities+long-term liabilities

total liabilities=$150,000+$220,000

total liabilities=$370,000

total owners'equity plus liabilities=$320,000+$370,000=$690,000

long-term assets+current assets=liabilities+owners'equity

long-term assets=$485,000

current assets are unknown

liabilities+owners'equity=$690,000

let CA represent current assets

$485,000+CA=$690,000

CA=$690,000-$485,000

CA=$205,000

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JohnBoy Industries has a cash balance of $54,000, accounts payable of $134,000, inventory of $184,000, accounts receivable of $2
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