During 2015, the company raised $370 in new long-term debt. How much long-term debt must the...
During 2015, the company raised $370 in new long-term debt. How much long-term debt must the company have paid off during the year?
| WESTON ENTERPRISES 2014 and 2015 Partial Balance Sheets |
||||||||||||||
| Assets | Liabilities and Owners’ Equity | |||||||||||||
| 2014 | 2015 | 2014 | 2015 | |||||||||||
| Current assets | $ | 916 | $ | 995 | Current liabilities | $ | 365 | $ | 389 | |||||
| Net fixed assets | 3,797 | 4,540 | Long-term debt | 1,994 | 2,122 | |||||||||
| WESTON ENTERPRISES 2015 Income Statement |
||
| Sales | $ | 11,600 |
| Costs | 5,440 | |
| Depreciation | 1,000 | |
| Interest paid | 150 | |
Homework Answers
Ans. Long term debt at the beginning of 2015 = $1994
Add borrowed during the year = $370
Total (a) = $2364
Closing balance of long term debt in 2015 (b) = $2122
Payment of long term debt (2364-2122) = $242
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