Mylexhas current assets of $95, net ﬁxed assets of $250, long-term debt of $40, and owners' equity of $200, what is the value of current liabilities if that is the only other item on the statement of
ﬁnancial position?

Question

Quizplus · Accepted Answer

The balance sheet equation is: Assets = Liabilities + Owners' Equity. Total assets are $95 (current) + $250 (fixed) = $345. Total liabilities and equity are $40 (long-term debt) + $200 (equity) + current liabilities. Solving for current liabilities: $345 = $240 + current liabilities, so current liabilities = $105.

Mylexhas Current Assets of $95, Net ﬁXed Assets of $250