Q: How do you calculate the $73,031 of New Long-Term Debt on the UCA Worksheet?
A: It is the sum of 2018 CMLTD in Statement 3 and 2018 Mortgages, Notes, and Bonds Payable at Line 19 on Schedule L less 2017 Mortgages, Notes, and Bonds Payable at Line 19 on Schedule L. Here is the math:
- 2018 New Long-Term Debt = $38,422 +$288,379 – $253,770 = $73,031
Course overview: Cash Based Income Tax Returns