The December 31, 2013, balance sheet of Schism, Inc., showed long-term debt of $

Question

The December 31, 2013, balance sheet of Schism, Inc., showed long-term debt of $1,390,000, and the December 31, 2014, balance sheet showed long-term debt of $1,560,000. The 2014 income statement showed an interest expense of $93,000. (Enter your answer as directed, but do not round intermediate calculations.)

What was the firm's cash flow to creditors during 2014? (Enter your answer in dollars, not millions of dollars (e.g., 1,234,567).)

The December 31, 2013, balance sheet of Schism, Inc., showed long-term debt of $1,390,000, and the December 31, 2014, balance sheet showed long-term debt of $1,560,000. The 2014 income statement showed an interest expense of $93,000. (Enter your answer as directed, but do not round intermediate calculations.)

Explanation / Answer

Firm Raised from Creditors = 77,000 Statement showing computations Particulars Amount Closing Long Term Debt        1,560,000.00 Opening Long Term Debt        1,390,000.00 Long Term Debt raised = 1,560,000-1,390,000            170,000.00 Interest Expense            (93,000.00) Net Cash flow to creditor = 170,000-93,000              77,000.00

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