Kenneth Clark, the CFO of Pharoah Automotive, Inc., is putting together this year's financial statements. He has gathered the following balance sheet information: The firm had a cash balance of $23,015, accounts payable of $163,257, common stock of $313,300, retained earnings of $512,159, inventory of $214,100, goodwill and other assets equal to $78,656, net plant and equipment of $713,000, 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 Pharoah Automotive have

$171,421

Explanation:

According to the accounting equation the total assets are equal to the sum of total equity and total liability.

Asset = Equity + Liability

We have total assets of $1,181,252 and the sum of total equity and Liabilities is $1,009,831. The difference between these values will be the Long term debt of the company.

Long term debt = $1,181,252 - $1,009,831 = $171,421

Net plant and equipment $713,000

Goodwill & other assets   $78,656

Cash                                   $23,015

Accounts receivable         $141,258

Inventory                            $214,100

Other current assets         $11,223    

Total Assets                       $1,181,252

Common stock                  $313,300

Retained earnings             $512,159

Accounts payable             $163,257

Short-term notes payable $21,115    

Total Equity & Liability      $1,009,831

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