Calculate the firms new long term debt

Reference no: EM13268448

During the year, Belyk Paving Co. had sales of $2,387,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,438,000, $436,300, and $491,300, respectively. In addition, the company had an interest expense of $216,300 and a tax rate of 40 percent (ignore any tax loss carryback or carryforward provisions.). Belyk Paving Co. paid out $384,000 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. Calculate the firms new long term debt added during the year.

Reference no: EM13268448

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