2009 balance sheet information for Zurla Inc. showed long-term debt of $ 2.4 mil

Question

2009 balance sheet information for Zurla Inc. showed long-term debt of $ 2.4 million, and the 2010 balance sheet showed long-term debt of $2.5 million. The 2010 income statement showed an interest expense of $195, 000. Also given in the 2009 balance sheet are: $730,000 in the common stock account and $6.20 million in the additional paid-in-surplus account. The 2010 balance sheet shows $775,000 and $6.90 million in the same two accounts, respectively. Besides, the company paid out $400,000 in cash dividends during 2010. The firm

Explanation / Answer

a) Cash flow to creditors = Interest paid

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