4 Problem 3-32 Working Capital (LO1) 9.09 points Return to question The table below contains data...

Transcribed Image Text:

4 Problem 3-32 Working Capital (LO1) 9.09 points Return to question The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ended 2021 and 2022. All values are in thousands of dollars. 2021 Revenue Cost of goods sold Depreciation $ 4,900 1,800 2022 $ 5,000 1,900 480 500 Inventories 300 330 Administrative expenses 510 560 Interest expense 140 140 Federal and state taxes* 590 610 Accounts payable 280 320 Accounts receivable 350 385 Net fixed assetst 4,600 5,340 Long-term debt 2,800 3,150 Notes payable 853 530 Dividends paid 470 470 Cash and marketable securities 850 450 * Taxes are paid in their entirety in the year that the tax obligation is incurred. Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. What was the change in net working capital during the year? (Enter your answer in thousands of dollars.) Net working capital Answer is complete but not entirely correct. decreased by $ 1,000 4 Problem 3-32 Working Capital (LO1) 9.09 points Return to question The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ended 2021 and 2022. All values are in thousands of dollars. 2021 Revenue Cost of goods sold Depreciation $ 4,900 1,800 2022 $ 5,000 1,900 480 500 Inventories 300 330 Administrative expenses 510 560 Interest expense 140 140 Federal and state taxes* 590 610 Accounts payable 280 320 Accounts receivable 350 385 Net fixed assetst 4,600 5,340 Long-term debt 2,800 3,150 Notes payable 853 530 Dividends paid 470 470 Cash and marketable securities 850 450 * Taxes are paid in their entirety in the year that the tax obligation is incurred. Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. What was the change in net working capital during the year? (Enter your answer in thousands of dollars.) Net working capital Answer is complete but not entirely correct. decreased by $ 1,000