Find totals for long-term assets and long-term liabilities

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Reference no: EM13257315

Tasha Cleaning Company
Balance Sheet
December 31, 2001

CurrentAssets $350,000
Long-term Assets 800,000
Currentliabilities 240,000
Long-term liabilities 270,000

Additional information

1. A building was purchased $100,000 by taking out a $100,000mortgage. Since the building serves as collateral on the mortgageloan, both have been excluded from the financial statements.
2. Cash in the amount of $45,000 is in a restricted fund forpurchase of equipment. This cash has been included in CurrentAssets.
3. Long-term liabilities include a bank loan of $80,000.Of thisloan, $15,000 must be repaid within the coming year
4. Investment securities totaling $27,000 are included in theCurrent Assets. These securities represent stock purchases made asa long-term equity in a major supplier.

After all necessary changes what are the totals for Tasha'sCleaning Services long-term assets and long-term liabilities?

Reference no: EM13257315

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