Yale Driving School's 2019 statement of financial position showed net fixed assets of $3.8 million, and the 2020 statement of financial position showed net fixed assets of $4.6 million. The company's 2020 statement of comprehensive income showed a depreciation expense of $355,000. What was net capital spending in 2020? (Omit $ sign in your response. Enter the answer in dollars, not millions of dollars, i.e. 1,234,567.) Net capital spending $

Yale Driving School's 2019 statement of financial position showed net fixed assets of $3.8 million, and the 2020 statement of financial position showed net fixed assets of $4.6 million. The company's 2020 statement of comprehensive income showed a depreciation expense of $355,000. What was net capital spending in 2020? (Omit $ sign in your response. Enter the answer in dollars, not millions of dollars, i.e. 1,234,567.) Net capital spending $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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
Rottweiler Obedience School's December 31, 2021, balance sheet showed net fixed assets of $1,785,000, and the December 31, 2022, balance sheet showed net fixed assets of $2,160,000. The company's 2022 income statement showed a depreciation expense of $333,000. What was the company's net capital spending for 2022? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Net capital spending
The 2021 Income statement for Egyptian Nolse Blasters shows that depreciation expense is $80 million, NOPAT is $239 million. At the end of the year, the balance of gross fixed assets was $650 million. The change in net operating working capital during the year was $70 million. Egyptian's free cash flow for the year was $180 million. Calculate the beginning-of-year balance for gross fixed assets. (Enter your answer in millions of dollars.) Gross fixed assets million
See the explanation below to work the problem. XYZ Company, a 'for-profit' business, had revenues of $12 million in 2022. Expenses other than depreciation totaled 75 percent of revenues. XYZ Company, must pay taxes at a rate of 40 percent of pretax (operating) income. All revenues were collected in cash during the year, and all expenses other than depreciation were paid in cash. Depreciation originally was $1.5 million; however, a change in the depreciation schedule (still within GAAP) has now made the depreciation expense DOUBLE. Based on this change in depreciation expense, what would XYZ's net income now be? Select one or more: a. so b. $3,000,000 c. $1,500,000 Od. Not enough information to tell
answer must be in table format and written format or i will give you down vote
Hampton Industries had $44,000 in cash at year-end 2020 and $27,000 in cash at year-end 2021. The firm invested in property, plant, and equipment totaling $170,000 - the majority having a useful life greater than 20 years and falling under the alternative depreciation system. Cash flow from financing activities totaled +$150,000. Round your answers to the nearest dollar, if necessary. a. What was the cash flow from operating activities? Cash outflow, if any, should be indicated by a minus sign. b. If accruals increased by $50,000, receivables and inventories increased by $125,000, and depreciation and amortization totaled $73,000, what was the firm's net income?
Wallace Driving School's 2020 balance sheet showed net fixed assets of $3.8 million, and the 2021 balance sheet showed net fixed assets of $4.1 million. The company's 2021 income statement showed a depreciation expense of $415,000. What was net capital spending for 2021? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, e.g., 1,234,567.) Net capital spending
Please help me to solve this problem
Fordson has the following financial information for FY 2023 (in thousands): Operating revenue Salary expense Depreciation expense All other operating expenses Tax expense (20% tax rate) Net Income Expected working capital increase of Capital expenditure What is free cash flow? O 420 720 820 O 1120 O Cannot be calculated 4000 1000 400 1200 280 1120 300 400
Bakiponi Corp. provides the following data from its recent financial statements: (Dollars in millions) 2022 2023 Beginning Gross Fixed Assets $2,440,000 $2,560,000 Ending Gross Fixed Assets 2,560,000 2,680,000 Beginning Accumulated Depreciation 910,000 1,110,000 Current-year Depreciation Expense 200,000 250,000 Current-year Sales Revenue 3,050,000 3,920,000 What is the average remaining life of the company's fixed assets as of the end of 2023? (Round your answer to two decimal places, X.XX.) Group of answer choices 5.44 years 4.80 years 5.28 years 6.28 years