At the beginning of the year, a firm had $105,500 in cash, $56,000 in accounts receivable, $120,800 in inventory, and $2,860,000 in fixed assets. The firm also had $295,000 in accounts payable, $640,700 in short-term debt, and $2,206,600 in long-term debt. At the end of the year, the firm had $285,000 in cash, $115,000 in accounts receivable, $97,500 in inventory, and $3,950,000 in fixed assets. The firm also had $465,000 in accounts payable, $840,500 in short-term debt, and $3,142,000 in long-term debt. Over this time the firm had a depreciation expense of $365,000. The capital spending of the firm was $1,455,000.

Group of answer choices

True

False