During 2024, Raines Umbrella Corporation had sales of $660,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $500,000, $90,000, and $85,000, respectively. In addition, the company had an interest expense of $90,000 and a tax rate of 21 percent. (Ignore any tax loss carryforward provisions and assume interest expense is fully deductible.) Suppose the company paid out $54,000 in cash dividends. If net capital spending and net working capital were both zero, and if no new stock was issued during the year, what is the net new long-term debt? Note: Do not round intermediate calculations. Net new long-term debt

During 2024, Raines Umbrella Corporation had sales of $660,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $500,000, $90,000, and $85,000, respectively. In addition, the company had an interest expense of $90,000 and a tax rate of 21 percent. (Ignore any tax loss carryforward provisions and assume interest expense is fully deductible.) Suppose the company paid out $54,000 in cash dividends. If net capital spending and net working capital were both zero, and if no new stock was issued during the year, what is the net new long-term debt? Note: Do not round intermediate calculations. Net new long-term debt

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 12P

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