The 2013 balance sheet of Maria’s Tennis Shop, Inc., showed long-term debt of $2.2 million, and...
The 2013 balance sheet of Maria’s Tennis Shop, Inc., showed long-term debt of $2.2 million, and the 2014 balance sheet showed long-term debt of $3.6 million. The 2014 income statement showed an interest expense of $722,000.
What was the firm’s cash flow to creditors during 2014?
(Round final answer to the nearest whole dollar. Do not round intermediate calculations).
Homework Answers
Cash flow to creditors = Interest expense -(Closing loan- Opening loan)
= 722000- (3600,000- 2200,000)
=$ -678,000
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The 2013 balance sheet of Maria’s Tennis Shop, Inc., showed
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The 2013 balance sheet of Maria's Tennis Shop, Inc., showed long-term debt of $2.2 million, and...
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