Based on the following information, what was FIN3300F24's change in net operating working capital for 2023? FIN3300F24 Balance Sheet As of 12/31/23 As of 12/31/22 Cash $19,000 $54,000 A/R 96,000 75,000 Inventories 273,000 174,000 Total CA $388,000 $303,000 Gross FA 750,000 540,000 Less: accumulated depreciation 238,000 168,000 Net FA $512,000 $372,000 Total Assets $900,000 $675,000 Accounts payable $108,000 $51,000 Accruals 27,000 12,000 Notes payable 273,000 102,000 Total CL $408,000 $165,000 Long-term debt 137,700 172,500 Common stock 189,000 189,000 Retained earnings 165,300 148,500 Total L & E $900,000 $675,000 FIN3300F24 Income Statement 2023 Sales $960,000 Cost of goods sold 576,000 Gross profit $384,000 Operating expenses excluding depreciation $222,000 Depreciation 70,000 Total operating expenses $292,000 EBIT $92,000 Interest expense 36,600 Earnings before taxes $55,400 Taxes (21%) 11,634 Net income $43,766
Based on the following information, what was FIN3300F24's change in net operating working capital for 2023?
FIN3300F24 Balance Sheet
|
As of 12/31/23 |
As of 12/31/22 |
|
|
Cash |
$19,000 |
$54,000 |
|
A/R |
96,000 |
75,000 |
|
Inventories |
273,000 |
174,000 |
|
Total CA |
$388,000 |
$303,000 |
|
Gross FA |
750,000 |
540,000 |
|
Less: accumulated depreciation |
238,000 |
168,000 |
|
Net FA |
$512,000 |
$372,000 |
|
Total Assets |
$900,000 |
$675,000 |
|
Accounts payable |
$108,000 |
$51,000 |
|
Accruals |
27,000 |
12,000 |
|
Notes payable |
273,000 |
102,000 |
|
Total CL |
$408,000 |
$165,000 |
|
Long-term debt |
137,700 |
172,500 |
|
Common stock |
189,000 |
189,000 |
|
Retained earnings |
165,300 |
148,500 |
|
Total L & E |
$900,000 |
$675,000 |
FIN3300F24 Income Statement
|
2023 |
|
|
Sales |
$960,000 |
|
Cost of goods sold |
576,000 |
|
Gross profit |
$384,000 |
|
Operating expenses excluding depreciation |
$222,000 |
|
Depreciation |
70,000 |
|
Total operating expenses |
$292,000 |
|
EBIT |
$92,000 |
|
Interest expense |
36,600 |
|
Earnings before taxes |
$55,400 |
|
Taxes (21%) |
11,634 |
|
Net income |
$43,766 |
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