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How much long-term debt does the firm have?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 4SEQ: If total assets are $20,000 and total liabilities are $12,000, the amount of stockholders’ equity...

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Question

Suppose that a firm has total assets of $2,000,000, current liabilities of $300,000, preferred stock of $400,000, and total commom equity of $700,000. How much long-term debt does the firm have?

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