James Smith, the CFO of Blossom Automotive, Inc., is putting together this year's financial statements. He has gathered the following balance sheet information: The firm had a cash balance of $23,015, accounts payable of $163,257, common stock of $311,000, retained earnings of $512,159, inventory of $210,000, goodwill and other assets equal to $78,656, net plant and equipment of $710,000, and short-term notes payable of $21,115. It also had accounts receivable of $141,258 and other current assets of $11,223.How much long- term debt does Blossom Automotive?

Long term debt is $ 166,621

Explanation:

Firstly, we have to classify the available data into their correct headings.

Assets

Cash                                                          $   23,015

inventory                                                   $ 210,000

Accounts Receivable                               $ 141,258

Other current assets                                $   11.223

Plant and Equipment (Net)                      $ 710,000

Goodwill and other assets                      $   78,656

Total Assets                                            $ 1,174,152

Liabilities

Accounts Payable                                    $   163,257

Short term notes payable                        $     21,115

Total liabilities without long term debt   $   184,372

Stockholders equity

Common stock                                         $ 311,000

Retained earnings                                   $  512,159

Total Stockholders Equity                       $  823,159

By using the fundamental accounting equation which is

Assets= Liabilities + Owners equity

$ 1,175,152 = $ 184,372 + $ 823,159 = $ 166,621

so the amount of long term debt is $ 166,621, this would balance the accounting equation.

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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