The beginning and ending balances of long-term debt are $61,500 and $35,400, respectively, and cash payments for long-term debt during the year were $35,100. How much new long-term debt was issued during the year?

Question

Quizplus · Accepted Answer

To find the amount of new long-term debt issued, we start with the ending balance of long-term debt ($35,400), add the cash payments made during the year ($35,100), and subtract the beginning balance ($61,500). This calculation gives us $9,000 ($35,400 + $35,100 - $61,500 = $9,000).

The Beginning and Ending Balances of Long-Term Debt Are $61,500