Reference no: EM131190772
During 2009, Raines Umbrella Corp. had sales of $748,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $563,000, $100,000, and $126,000, respectively. In addition, the company had an interest expense of $100,000 and a tax rate of 30 percent. (Ignore any tax loss carryback or carryforward provisions.) Assume Raines Umbrella Corp. paid out $23,000 in cash dividends. If spending on net fixed assets and net working capital was zero, and if no new stock was issued during the year, what is the firm's net new long-term debt?
The 2008 balance sheet of Maria's Tennis Shop, Inc., showed $2.3 million in long-term debt, $700,000 in the common stock account, and $5.95 million in the additional paid-in surplus account. The 2009 balance sheet showed $3.45 million, $895,000, and $8.15 million in the same three accounts, respectively. The 2009 income statement showed an interest expense of $230,000. The company paid out $590,000 in cash dividends during 2009. If the firm's net capital spending for 2009 was $730,000, and the firm reduced its net working capital investment by $195,000, the firm's 2009 operating cash flow, or OCF?
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