Chapter 3 finance statement, cash flow and taxes

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3-1. The assets of Dallas & Associated consist entirely of current assets and net plant and equipment
a. total debt:
notes payable+long term debt+accounts panyable and accurals
= 150000+750000+100000
=1,000,000

b. total liabilities and equity on balance seeht
notes payable+long term debt+common equity+accounts payable and accruals
= 150,000+750,000+1,500,000+100,000
=2,500,000

c. balance of current asset
total asset-plant and equipment= 500,000

d. balance of current liabilities
notes payable+acccounts payable and accruals=150,000+100,000=250,000

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