Score: 0 of 5 pts 6 of 9 (8 complete) HW Score: 67.45%, 30.35 of 45 pts B2-10 (b

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Score: 0 of 5 pts 6 of 9 (8 complete) HW Score: 67.45%, 30.35 of 45 pts B2-10 (book/static) Question Help * Data Table Fixed assets. Use the data from the The net fixed assets for the year 2016 is Partial Balance Sheet 12/31/2016 ASSETS LIABILITIES $14,000 $19,000 $190,000 $16,000 Notes payable $28,000 Accounts payable $48,000 Long-term debt $368,000 OWNERS' EQUITY $142,000 Retained earnings $82,000 Common stock xed assets ulated depreciation (-) $47,000 $130,000 assets Partial Balance Sheet 12/31/2017 ASSETS LIABILITIES $26,000 Notes payable $19,000 Accounts payable $53,000 Long-term debt $12,000 $24,000 $162,000 xed assets $448,000OWNERS' EQUITY $62,000 $180,000 ulated depreciation (-) Retained earnings ible assets $82,000Common stock Enter your answer in the answer box PrintDone Check Answer remaining

Explanation / Answer

Net fixed assets = Gross fixed Assets - Accumulated Depreciation

In 2016, Net fixed assets = $368,000 - $142,000 = $226,000

For 2017, net fixed asset calculation, we first need to calculate the accumulated depreciation. We can do that by using the basic accounting principle that Total Assets = Liabilities + Equity

For 2017, Liabilities + Equity = 12000 + 24000 + 162000 + 62000 + 180000 = $440,000

Total Assets = $440,000

$440,000 = 26,000 + 19,000 + 53,000 + 448,000 - Depreciation + 82,000

Depreciation = $188,000

Hence, Net fixed Assets = $448,000 - $188,000 = $260,000

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