During 2018, Raines Umbrella Corporation had sales of $735,000. Cost of goods sold, administrative and selling expenses,

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During 2018 Raines Umbrella Corporation Had Sales Of 735 000 Cost Of Goods Sold Administrative And Selling Expenses 1 (38.81 KiB) Viewed 19 times

During 2018, Raines Umbrella Corporation had sales of $735,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $567,000, $88,000, and $130,000, respectively. In addition, the company had an interest expense of $104,000 and a tax rate of 30 percent. (Ignore any tax loss carryback or carryforward provisions.) Assume Raines Umbrella Corporation paid out $17,000 in cash dividends. If spending on net fixed assets and net working capital was zero, and if no new stock was issued during the year, what is the firm's net new long-term debt? Multiple Choice O $97,000 $19,500 $80,450 O so $41,000