Galan Associates Prepared Its Financial Statement for 2013 Based on the Information

Multiple Choice

Galan Associates prepared its financial statement for 2013 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, ordinary share capital of $22,000, and retained earnings of $14,008. How much long-term debt does the company have?

A) $54,342
B) $32,342
C) $12,314
D) $18,334