Reference no: EM13974526
The December 31, 2013, balance sheet of Schism, Inc., showed long-term debt of $1,420,000, $144,000 in the common stock account and $2,690,000 in the additional paid-in surplus account. The December 31, 2014, balance sheet showed long-term debt of $1,620,000, $154,000 in the common stock account and $2,990,000 in the additional paid-in surplus account. The 2014 income statement showed an interest expense of $96,000 and the company paid out $149,000 in cash dividends during 2014. The firm’s net capital spending for 2014 was $1,000,000, and the firm reduced its net working capital investment by $129,000.
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The additional paid-in surplus account
: The December 31, 2013, balance sheet of Schism, Inc., showed long-term debt of $1,420,000, $144,000 in the common stock account and $2,690,000 in the additional paid-in surplus account. The December 31, 2014, balance sheet showed long-term debt of $1..
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