Teakap, Inc

question 54

Multiple Choice

Teakap, Inc., has current assets of $1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have?

• A) $1,844,022
• B) $2,303,010
• C) $2,123,612
• D) $803,010