Advertising expenditures 78,000 Cost of goods sold 2,433,000 Depreciation 78,000
ID: 2567149 • Letter: A
Question
Advertising expenditures 78,000
Cost of goods sold 2,433,000
Depreciation 78,000
Gross sales 3,210,000
Interest expenses 64,000
Lease payment 52,000
Management salary 240,000
Material purchase 2,425,000
R&D expenditures 35,000
Repair and maintenance costs 22,000
Returns and allowances 48,000
Taxes 51,000
Treasury stock 20,000
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Gross fixed assets 284,950
Inventory 136,500
Accrued expenses 11,850
Accumulated depreciation 82,310
Notes payable 32,570
Preferred stock 8,000
Retained earnings 89,280
Current portion of L-T debt 4,080
Long-term debt 134,300
Accounts receivable 105,770
Additional paid-in capital 71,600
Accounts payable 50830
Common stock ($0.50 par) 60,000
Cash & Equivalents ?
Marketable securities 20,500
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What is the book value of fixed assets as of the end of 2016?
Explanation / Answer
Book value of fixed assets = Gross fixed assets - Accumulated depreciation = $284,950 - $82,310 = $202,640
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