Question

Use the data from the following financial statements

What are the net fixed assets for the years 2013 and​ 2014?

The net fixed assets for the year 2013 is

please explain a step by step process

Partial Income Statement Year Ending 2014
Sales revenue	$350,000
Cost of goods sold	$140,000
Fixed costs	$43,000
Selling, general, and administrative expenses	$28,000
Depreciation	$46,000
Partial Balance Sheet 12/31/2013
ASSETS		LIABILITIES
Cash	$16,000	Notes payable	$14,000
Accounts receivable	$28,000	Accounts payable	$19,000
Inventories	$48,000	Long-term debt	$190,000
Fixed assets	$368,000	OWNERS' EQUITY
Accumulated depreciation (-)	$142,000	Retained earnings	$47,000
Intangible assets	$82,000	Common stock	$130,000
Partial Balance Sheet 12/31/2014
ASSETS		LIABILITIES
Cash	$26,000	Notes payable	$12,000
Accounts receivable	$19,000	Accounts payable	$24,000
Inventories	$53,000	Long-term debt	$162,000
Fixed assets	$448,000	OWNERS' EQUITY
Accumulated depreciation (-)		Retained earnings	$62,000
Intangible assets	$82,000	Common stock	$180,000

Answer 1

1. Net Fixed assets in year 2013 = Gross Fixed assets 2013 - Accumulated depreciation 2013 + Intangible assets

Net Fixed assets in year 2013 = 368000 - 142000 + 82000

Net Fixed assets in year 2013 = $308000

2. Net Fixed assets in year 2014 = Gross Fixed assets 2014 - (Accumulated depreciation 2013 + Depreciation in 2014) + Intangible assets

Net Fixed assets in year 2014 = 448000 - (142000 + 46000) + 82000

Net Fixed assets in year 2014 = $342000

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