General Accounting Question Solution The 2014 balance sheet of Sugarpova's TennisShop, Inc., showed long-term debt of $5.9 million,and the 2015 balance sheet showed long-term debtof $6.3 million. The 2015 income statement showedan interest expense of $155,000. What was thefirm's cash flow to creditors during 2015?

Step 1: Definition of Creditors:Creditors represent the amount that a firm owes to third parties…

Answered: The 2014 balance sheet of Sugarpova's…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 1P

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The 2014 balance sheet of Sugarpova's Tennis Shop, Inc., showed long-term debt of $5.9 million, and the 2015 balance sheet showed long-term debt of $6.3 million. The 2015 income statement showed an interest expense of $155,000. What was the firm's cash flow to creditors during 2015?