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    Calculate long-term debt to assets for 2006: Phoenix Corporation

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    Condensed financial data are presented below for the Phoenix Corporation:
    2006 2005
    Accounts receivable 267,500 230,000
    Inventory 312,500 257,500
    Total current assets 670,000 565,000
    Intangible assets 50,000 60,000
    Total assets 825,000 695,000
    Current liabilities 252,500 200,000
    Long-term liabilities 77,500 75,000
    Sales 1,640,000
    Cost of goods sold 982,500
    Interest expense 10,000
    Income tax expense 77,500
    Net income 127,500
    Cash flow from operations 71,000
    Cash flow from investing activities (6,000)
    Cash flow from financing activities (62,500)
    Tax rate 30%

    The long-term debt to assets for 2006 is?

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    https://brainmass.com/business/accounting/calculate-long-term-debt-assets-phoenix-corporation-77034

    Solution Summary

    The solution calculates the long-term debt assets for Phoenix Corporation in 2006.

    $2.19

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