Problem 1. Cash Equation: Bettendorf Corporation has a book net worth of $17,800. The company's long-term debt is $6,900. Its net working capital, excluding cash, is $1,600. Its fixed assets are $21,300. How much cash does the company have? If the current liabilities are $2,575, what are the current assets?
This was my answer, but the professor marked it as incorrect:
Cash (net worth+ltd+liab-NWC-fixed assets) $ 4,375.00
Current assets (cash + NWC - liab) $ 3,400.00