FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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3. What was the net capital spending in 2019? SHOW WORK

### Educational Website: Financial Statements Overview #### Balance Sheet Below are the balance sheets for the years 2018 and 2019, detailing the assets, liabilities, and equity of the company: **2018** - **Assets:** - Cash: $1,700 - Accounts Receivable: $14,300 - Inventory: $22,500 - Net Fixed Assets: $82,900 - **Total Assets:** $121,400 - **Liabilities and Equity:** - Accounts Payable: $13,800 - Long-term Debt: $47,500 - Common Stock & Paid In Surplus: $17,000 - Retained Earnings: $43,100 - **Total liabilities and equity:** $121,400 **2019** - **Assets:** - Cash: $1,600 - Accounts Receivable: $17,400 - Inventory: $23,700 - Net Fixed Assets: $81,600 - **Total Assets:** $124,300 - **Liabilities and Equity:** - Accounts Payable: $12,900 - Long-term Debt: $48,600 - Common Stock & Paid In Surplus: $18,800 - Retained Earnings: $44,000 - **Total liabilities and equity:** $124,300 #### Income Statement 2019 The income statement for the year 2019 is as follows: - **Net Sales:** $163,700 - **Cost of Goods Sold (COGS):** $108,200 - **Depreciation:** $14,100 - **Earnings Before Interest and Taxes (EBIT):** $41,400 - **Interest Expense:** $3,800 - **Taxable Income:** $37,600 - **Taxes:** $13,200 - **Net Income:** $24,400 ### Graphs and Diagram Explanation The table presented comprehensively breaks down the company's financial performance over two years, 2018 and 2019. It includes essential categories of financial data: - **Balance Sheet:** Summarizes what the company owns (assets) and owes (liabilities), including shareholders' equity, at the end of each fiscal year. - **Income Statement:** Reports on the company's financial performance over the fiscal year
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Transcribed Image Text:### Educational Website: Financial Statements Overview #### Balance Sheet Below are the balance sheets for the years 2018 and 2019, detailing the assets, liabilities, and equity of the company: **2018** - **Assets:** - Cash: $1,700 - Accounts Receivable: $14,300 - Inventory: $22,500 - Net Fixed Assets: $82,900 - **Total Assets:** $121,400 - **Liabilities and Equity:** - Accounts Payable: $13,800 - Long-term Debt: $47,500 - Common Stock & Paid In Surplus: $17,000 - Retained Earnings: $43,100 - **Total liabilities and equity:** $121,400 **2019** - **Assets:** - Cash: $1,600 - Accounts Receivable: $17,400 - Inventory: $23,700 - Net Fixed Assets: $81,600 - **Total Assets:** $124,300 - **Liabilities and Equity:** - Accounts Payable: $12,900 - Long-term Debt: $48,600 - Common Stock & Paid In Surplus: $18,800 - Retained Earnings: $44,000 - **Total liabilities and equity:** $124,300 #### Income Statement 2019 The income statement for the year 2019 is as follows: - **Net Sales:** $163,700 - **Cost of Goods Sold (COGS):** $108,200 - **Depreciation:** $14,100 - **Earnings Before Interest and Taxes (EBIT):** $41,400 - **Interest Expense:** $3,800 - **Taxable Income:** $37,600 - **Taxes:** $13,200 - **Net Income:** $24,400 ### Graphs and Diagram Explanation The table presented comprehensively breaks down the company's financial performance over two years, 2018 and 2019. It includes essential categories of financial data: - **Balance Sheet:** Summarizes what the company owns (assets) and owes (liabilities), including shareholders' equity, at the end of each fiscal year. - **Income Statement:** Reports on the company's financial performance over the fiscal year
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