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Math  /  Algebra

QuestionA company has the following assets and liabilities, in thousands of dollars Inventory - \196,NotesPayable−$308,MortgagesPayable−$224,AccountsPayable−$56,Long−termNotesPayable−196, Notes Payable - \$308, Mortgages Payable - \$224, Accounts Payable - \$56, Long - term Notes Payable - \84 84
The total assets of the company are $2016\$ 2016 (Express the amount in thousands of dollars.) The total liabilities of the company are $□\$ \square. (Express the amount in thousands of dollars.)

Studdy Solution

STEP 1

1. The company has various liabilities including Notes Payable, Mortgages Payable, Accounts Payable, and Long-term Notes Payable.
2. The total assets of the company are given as \$2016 (in thousands of dollars).
3. We are tasked with finding the total liabilities of the company.

STEP 2

1. Identify and list all liabilities.
2. Sum the liabilities to find the total liabilities.

STEP 3

Identify and list all liabilities.
- Notes Payable: \$308 - Mortgages Payable: \$224 - Accounts Payable: \$56 - Long-term Notes Payable: \$84

STEP 4

Sum the liabilities to find the total liabilities.
Add all the liabilities together:
Total Liabilities=308+224+56+84 \text{Total Liabilities} = 308 + 224 + 56 + 84

STEP 5

Calculate the sum:
Total Liabilities=308+224+56+84=672 \text{Total Liabilities} = 308 + 224 + 56 + 84 = 672
The total liabilities of the company are:
672 \boxed{672}

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