The 2020 balance sheet of Osaka's Tennis Shop, Incorporated, showed long-term debt of $5.7 million, and the 2021 balance sheet showed long-term debt of $5.95 million. The 2021 income statement showed an interest expense of $190,000. The 2020 balance sheet showed $560,000 in the common stock account and $5.6 million in the additional paid-in surplus account. The 2021 balance sheet showed $600,000 and $6 million in the same two accounts, respectively. The company paid out $560,000 in cash dividends during 2021. Suppose you also know that the firm's net capital spending for 2021 was $1,420,000, and that the firm reduced its net working capital investment by $79,000.

The 2020 balance sheet of Osaka's Tennis Shop, Incorporated, showed long-term debt of $5.7 million, and the 2021 balance sheet showed long-term debt of $5.95 million. The 2021 income statement showed an interest expense of $190,000. The 2020 balance sheet showed $560,000 in the common stock account and $5.6 million in the additional paid-in surplus account. The 2021 balance sheet showed $600,000 and $6 million in the same two accounts, respectively. The company paid out $560,000 in cash dividends during 2021. Suppose you also know that the firm's net capital spending for 2021 was $1,420,000, and that the firm reduced its net working capital investment by $79,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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