Business, 26.10.2021 15:00 maxpaz782

Deets N. Assets has taken inventory and has collected the following information on the value of everything he owns and owes as of December 31, 2016: Land and buildings $400,000 Breeding livestock owned $35,000 Crops in storage $ 30,000 Feeder livestock owned $14,000 Mortgage on land $225,000 Cash rent owed to his landlord $ 6,000* Machinery owned $ 65,000 Feed in storage $ 2,000 Loans owed on machinery $ 12,000 Production loan outstanding $ 9,000* Taxes owed $ 1,000 Supplies in storage $ 7,000 Cash on hand $ 3,000 Fuel in storage $ 500
Deets owes long term liabilities of:
a. $200,000
b. $80,000
c. $60,000
d. $50,000
e. None of the above.

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