CFAI mock afternoon Q's 32 and 34... Subtracting Debt to val first, only, afternoon, determine, capital

franzino

Hello Everyone, my first ever post!
I’m confused about which debt to subtract from EV to determine equity value.  In Q32, they subtract A/P, notes payable, and LTD.  In Q34 only LTD.  I thought A/P was a part of working capital and shouldn’t be backed out….  Why not also subtract notes payable from EV in Q34??
I’ve posted the Q’s below for reference.
Thanks!!!
(questions removed)

giorgio10

Thank you!  But by that logic, why not also subtract notes and A/P from EV in Q 34?

maxmeomeo

For 33, if you do not subtract A/P then the result is 1219 which is not an option.  In the readings, some definitions of total debt include all liabilities.  it is bizarre and their use seems arbitrary to me.  
For 34, this was tricky but same reason.  If you back out the notes payable, the result is not an option.  This just wastes a lot of time IMO and an annoyance if actual exam is like this