BALANCE SHEET AT END OF YEAR (Figures in $ millions) Assets20212022Liabilities and Shareholders' Equity20212022Current assets$ 102$ 200Current liabilities$ 74$ 96Net fixed assets9201,020Long-term debt660870INCOME STATEMENT, 2022 (Figures in $ millions) Revenue$ 2,010Cost of goods sold1,090Depreciation410Interest expense252 g. Net fixed assets increased from $920 million to $1,020 million during 2022. What must have been South Sea’s gross investment in fixed assets during 2022?...........(M1)

Fixed assets are those assets which are acquired by the company for the long term use in business…

Answered: BALANCE SHEET AT END OF YEAR…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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BALANCE SHEET AT END OF YEAR
(Figures in $ millions)
Assets	2021	2022	Liabilities and Shareholders' Equity	2021	2022
Current assets	$ 102	$ 200	Current liabilities	$ 74	$ 96
Net fixed assets	920	1,020	Long-term debt	660	870

INCOME STATEMENT, 2022
(Figures in $ millions)
Revenue	$ 2,010
Cost of goods sold	1,090
Depreciation	410
Interest expense	252

g. Net fixed assets increased from $920 million to $1,020 million during 2022. What must have been South Sea’s gross investment in fixed assets during 2022?...........

(M1)

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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