The assets of dallas & associates consist entirely of current assets and net plant and equipment. the firm has total assets of $2.6 million and net plant and equipment equals $2.2 million. it has notes payable of $150,000, long-term debt of $755,000, and total common equity of $1.55 million. the firm does have accounts payable and accruals on its balance sheet. the firm only finances with debt and common equity, so it has no preferred stock on its balance sheet. write out your answers completely. for example, 25 million should be entered as 25,000,000. enter negative amounts, if any, with a minus sign. what is the company's total debt?

The company's total debt is $1,050,000

Explanation: The balance sheet has two sides, assets and (equity + liabilities). Both the sides are always equal. Since we have total assets given as $2,600,000 so the liabilities + equity should also be equal to $2,600,000.

The Total assets = $2,600,000

Total common Equity = $1,550,000

Total Liabilities = ?

Total Liabilities = Total Assets - Total Common Equity ,

By input the variables in the above formula,

Total Liabilities = $2,600,000 - $1,550,000

Total Liabilities = $1,050,000.

Therefore, the total debt of Dallas and Associates is $1,050,000

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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