Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 4 -- points during the year, belyk paving co. had

4 -- points During the year, Belyk Paving Co. had sales of $2,410,000. Cost of...

70.2K

Verified Solution

Question

Accounting

image
4 -- points During the year, Belyk Paving Co. had sales of $2,410,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,330,000, $625,000, and $447,000, respectively. In addition, the company had an interest expense of $272,000 and a tax rate of 24 percent. The company paid out $397,000 in cash dividends. Assume that net capital spending was zero, no new investments were made in net working capital, and no new stock was issued during the year. (Ignore any tax loss or carryforward provision and assume interest expense is fully deductible.) Calculate the firm's net new long-term debt added during the year. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g. 32.) eBook Print Not new long-term debt References

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students