Question
Shown below are the financial statements of Sanders Enterprises. Inc. What is the net capital spending during the most recent year? 2020 & 2021 Balance
Shown below are the financial statements of Sanders Enterprises. Inc. What is the net capital spending during the most recent year?
2020 & 2021 Balance Sheets | |||||
2020 | 2021 | 2020 | 2021 | ||
Cash | 975,000 | 988,000 | Accounts Payable | 1,580,000 | 1,612,500 |
Accounts Receivable | 845,000 | 984,000 | |||
Inventory | 2,523,000 | 2,652,300 | Long-term debt | 8,359,000 | 9,206,700 |
TOTAL | 4,343,000 | 4,624,300 | |||
Net fixed assets | 8,536,000 | 9,225,400 | Retained Earnings | 690,000 | 720,500 |
TOTAL ASSETS | 12,879,000 | 13,849,700 | TOTAL LIABILITIES & EQUITY | 12,879,000 | 13,849,700 |
2021 Income Statement | |
---|---|
Sales | 3,500,000 |
Cost of Goods Sold | 1,750,000 |
Other expenses | 220,000 |
Depreciation | 421,000 |
EBIT | 1,109,000 |
Interest | 500,000 |
Taxable income | 609,000 |
Taxes (21%) | 127,890 |
Net Income | 481,110 |
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