Consider the following balance sheet data for Cara’s Pet Stores: $ 96,500 71,000
ID: 2615647 • Letter: C
Question
Consider the following balance sheet data for Cara’s Pet Stores:
$
96,500
71,000
111,500
171,000
345,000
53,000
$
553,000
295,000
373,000
140,000
314,500
59,500
$
867,500
867,500
What are the company's total liabilities?
a. $373,000
b. $71,000
c. $668,000
d. $295,000
e.$ 867,500
$
96,500
Accounts payable $71,000
Accounts receivable111,500
Notes payable171,000
Inventories345,000
Accruals53,000
Total current assets$
553,000
Total short-term liab. $295,000
Long-term debt373,000
Common stock140,000
Net plant & equip.314,500
Retained earnings59,500
Total assets$
867,500
Total liabilities & equity $867,500
Explanation / Answer
$668,000
Working:
c.$668,000
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