The balance sheet of Allhear, a communications firm, for the year ended December 31, 20x1, showed current assets of $20 million, current liabilities of $16 million, shareholders' equity of $17 million, and noncurrent assets of $29 million. Compute the amount of noncurrent liabilities on Allhear's balance sheet at the end of 20x1
a. $5 million
b. $10 million
c. $12 million
d. $13 million
e. $16 million
E
current assets of $20 million + noncurrent assets of $29 million = total assets of $49 million =
current liabilities of $16 million + noncurrent liabilities + shareholders' equity of $17 million = $49 million, therefore noncurrent liabilities = $16 million
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