Galan Associates Prepared Its Financial Statement for 2008 Based on the Information

question 13

Multiple Choice

Galan Associates prepared its financial statement for 2008 based on the information given here. The company had cash worth $1,234, inventory worth $13,480, and accounts receivables worth $7,789. The company's net fixed assets are $42,331, and other assets are $1,822. It had accounts payables of $9,558, notes payables of $2,756, common stock of $22,000, and retained earnings of $14,008. How much long-term debt does the firm have?

• A) $54,342
• B) $76,342
• C) $12,314
• D) $18,334

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Definitions:

Triglycerides

A type of fat found in the blood, which, in high levels, can increase the risk of heart disease.

Moderate Intensity

A level of exercise or physical activity that raises the heart rate and induces sweating, yet allows one to carry on a conversation.

Omega-3

A type of essential fatty acid found in fish oils and certain plant oils, beneficial for heart health and brain function.

Body Mass Index

A numerical calculation using height and weight to estimate a person's body fat and assess their risk for diseases related to overweight or obesity.