Reynolds Corp has beginning long-term debt of $85,000. During the year, the company made total payments of $24,500, which included $6,500 of interest. The company also took out an additional loan of $15,000. Calculate the ending long-term debt. a. $75,500 b. $76,000 c. $82,000 d. $94,000

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 14MC: Whirlie Inc. issued $300,000 face value, 10% paid annually, 10-year bonds for $319,251 when the...
icon
Related questions
Question

I want to correct answer general accounting question

Reynolds Corp has beginning long-term debt of $85,000. During the year, the company made
total payments of $24,500, which included $6,500 of interest. The company also took out an
additional loan of $15,000. Calculate the ending long-term debt.
a. $75,500
b. $76,000
c. $82,000
d. $94,000
Transcribed Image Text:Reynolds Corp has beginning long-term debt of $85,000. During the year, the company made total payments of $24,500, which included $6,500 of interest. The company also took out an additional loan of $15,000. Calculate the ending long-term debt. a. $75,500 b. $76,000 c. $82,000 d. $94,000
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Financial Management (MindTap Course…
Intermediate Financial Management (MindTap Course…
Finance
ISBN:
9781337395083
Author:
Eugene F. Brigham, Phillip R. Daves
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning