Problem:
Kings of Leon, Inc., has a book value of equity of $68,000. Long-term debt is $61,000. Net working capital, other than cash, is $23,000. Fixed assets are $92,800 and current liabilities are $8,000.
Required:
Question 1: How much cash does the company have?
Question 2: What is the value of the current assets?
Note: Be sure to show how you arrived at your answer.