In 2023, Amalgamated Industries' net fixed assets decreased from $380,000 to $260,000. depreciation expense for the period was $90,000. What was Net Capital Spending for 2023? $150,000 ($210,000) $170,000 ($30,000) $290,000

In 2023, Amalgamated Industries' net fixed assets decreased from $380,000 to $260,000. depreciation expense for the period was $90,000. What was Net Capital Spending for 2023? $150,000 ($210,000) $170,000 ($30,000) $290,000

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

In 2023, Amalgamated Industries' net fixed assets decreased from $380,000 to
$260,000. depreciation expense for the period was $90,000. What was Net Capital
Spending for 2023?
$150,000
($210,000)
$170,000
($30,000)
$290,000

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