At the beginning of the year, Shinedown, Corp., had a long-term debt balance of $47,380. During...
At the beginning of the year, Shinedown, Corp., had a long-term debt balance of $47,380. During the year, the company repaid a long-term loan in the amount of $13,505. The company paid $5,270 in interest during the year, and opened a new long-term loan for $11,870. How much is the ending long-term debt account on the company's balance sheet?
Homework Answers
Ending long-term debt = Beginning long-term debt + New long-term loan - Repaid a long-term loan
Ending long-term debt = $47,380 + $11,870 - $13,505
Ending long-term debt = $45,745
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