View the step-by-step solution to: 20. Galan Associates prepared its financial statement for 2008

20. 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 of $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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