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Problem
Spartan Sportswear's current assets consist of cash, marketable securities, accounts receivable, and inventories. The following data were abstracted from a recent financial statement:
Inventories $180,000Total assets $720,000Current ratio 2.75Acid-test ratio 1.5Debt to equity ratio 1.4
Required:
Compute the Long-term liabilitiesfor Spartan.
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