During the year Belyk Paving Co. had sales of $2 390 000. Cost of goods sold administrative and se

QUESTION

During the year, Belyk Paving Co. had sales of $2,390,000. Cost
of goods sold, administrative and selling expenses, and
depreciation expense were $1,435,000, $436,000, and $491,000,
respectively. In addition, the company had an interest expense of
$216,000 and a tax rate of 30 percent (ignore any tax loss
carryback or carryforward provisions.). Belyk Paving Co. paid out
$393,000 in cash dividends. Assume that net capital spending was
zero, no new investments were made in net working capital, and no
new stock was issued during the year. Calculate the firms new
long-term debt added during the year.
PFA the

lution

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