Question
Fixed assets. Use the data from the following financial statements in the popup window. What are the net fixed assets for the years 2013 and
Fixed assets. Use the data from the following financial statements in the popup window. What are the net fixed assets for the years 2013 and 2014?
Partial Income Statement Year Ending 2014 | |
Sales revenue | $350,000 |
Cost of goods sold | $140,000 |
Fixed costs | $43,000 |
Selling, general, and administrative expenses | $28,000 |
Depreciation | $46,000 |
Partial Balance Sheet 12/31/2013 | |||
ASSETS |
| LIABILITIES |
|
Cash | $16,000 | Notes payable | $14,000 |
Accounts receivable | $28,000 | Accounts payable | $19,000 |
Inventories | $48,000 | Long-term debt | $190,000 |
Fixed assets | $368,000 | OWNERS' EQUITY |
|
Accumulated depreciation (-) | $142,000 | Retained earnings | $47,000 |
Intangible assets | $82,000 | Common stock | $130,000 |
Partial Balance Sheet 12/31/2014 | |||
ASSETS |
| LIABILITIES |
|
Cash | $26,000 | Notes payable | $12,000 |
Accounts receivable | $19,000 | Accounts payable | $24,000 |
Inventories | $53,000 | Long-term debt | $162,000 |
Fixed assets | $448,000 | OWNERS' EQUITY |
|
Accumulated depreciation (-) |
| Retained earnings | $62,000 |
Intangible assets | $82,000 | Common stock | $180,000 |
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