Evaluate amount of current liabilities

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Reference no: EM139905

Q1. Tumbling Haven, a gymnastic equipment manufacturer, provided the following information to its accountants. The company had current assets of $145,332, net fixed assets of $356,190, and other assets of $4,176. The firm has long-term debt of $76,445, common stock of $200,000, and retained earnings of $134,461. What amount of current liabilities does this firm have?

a.$94,792

b.$505,678

c.$171,217

d.none of the above

Q2. Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have?

a.$1,844,022

b.$2,303,010

c.$2,123,612

d.$803,010

Reference no: EM139905

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