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The 2014 balance sheet of Jordan’s Golf Shop, Inc., showed long-term debt of $6 million, and...

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Finance

The 2014 balance sheet of Jordan’s Golf Shop, Inc., showedlong-term debt of $6 million, and the 2015 balance sheet showedlong-term debt of $6.25 million. The 2015 income statement showedan interest expense of $205,000. The 2014 balance sheet showed$590,000 in the common stock account and $4.8 million in theadditional paid-in surplus account. The 2015 balance sheet showed$630,000 and $5.3 million in the same two accounts, respectively.The company paid out $600,000 in cash dividends during 2015.Suppose you also know that the firm’s net capital spending for 2015was $1,450,000, and that the firm reduced its net working capitalinvestment by $85,000.

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