Transcribed Image Text
During the year, Belyk Paving Co. had sales of $2,390,000. Costof goods sold, administrative and selling expenses, anddepreciation expense were $1,435,000, $436,000, and $491,000,respectively. In addition, the company had an interest expense of$216,000 and a tax rate of 30 percent (ignore any tax losscarryback or carryforward provisions.). The company paid out$393,000 in cash dividends. Assume that net capital spending waszero, no new investments were made in net working capital, and nonew stock was issued during the year.Calculate the firm's net new long-term debt added duringthe year. (Do not round intermediate calculations and round youranswer to the nearest whole number, e.g., 32.)
Other questions asked by students
Q
In making the adjusting entry for uncollectible accounts, a company may use the percent of sales...
Accounting
Statistics
Statistics
Accounting
Accounting