Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items

image text in transcribed
The table below contains data on Fincorp Incorporated. The balance sheet items correspond to values at year-end 2021 and 2022, while the income statement items correspond to revenues or expenses during the year ended 2021 and 2022. All values are in thousands of dollars. Revenue 2021 $ 4,700 1,200 2022 $4,800 1,300 Cost of goods sold Depreciation Inventories 520 540 270 335 Administrative expenses 490 540 Interest expense 290 290 Federal and state taxes* 700 720 Accounts payable 350 410 Accounts receivable 350 405 4,300 4,960 Net fixed asseta Long-term debt Notes payable 3,000 3,440 960 520 Dividends paid 470 470 Cash and marketable securities. 860 320 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? Note: Enter your answer in thousands of dollars. Net working capital by increased decreased

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

The Handbook Of Financial Communication And Investor Relations

Authors: Alexander V. Laskin

1st Edition

1119240786, 978-1119240785

More Books

Students also viewed these Finance questions

Question

Can a team really simulate crises in a meaningful way?

Answered: 1 week ago