Question
The table below contains data of Fincorp Inc. The balance sheet items correspond to values at year-end 2015 and 2016, while the income statement items
The table below contains data of Fincorp Inc. The balance sheet items correspond to values at year-end 2015 and 2016, while the income statement items correspond to revenues or expenses during the year ending in either 2015 or 2016. All values are in thousands of dollars.
2015 2016
revenue 4,500 4,600
cogs 1,400 1,500
depreciation 580 600
inventories 320 375
admin. exp. 570 620
interest exp. 220 220
federal and state taxes* 520 540
accounts payable 310 340
accounts receivable 440 470
net fixed assets** 4,100 5,000
long-term debt 1,600 2,050
notes payable 849 570
dividends paid 340 340
cash and marketable securities 860 470
*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?
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