Calculating Net Capital Spending Gordon Driving Schools 2011 balance sheet showed net fixed assets of $1.42 million,

Question:

Calculating Net Capital Spending Gordon Driving School’s 2011 balance sheet showed net fixed assets of $1.42 million, and the 2012 balance sheet showed net fixed assets of $1.69 million. The company’s 2012 income statement showed a depreciation expense of $145,000. What was Gordon’s net capital spending for 2012?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...