Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Equity Valuation Risk And Investment A Practitioners Roadmap

Authors: Peter C. Stimes

1st Edition

0470226404, 9780470226407

More Books

Students also viewed these Finance questions