Firm net capital spending-firm reduced net working capital

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Reference no: EM131573215

The December 31, 2015, balance sheet of Schism, Inc., showed long-term debt of $1,455,000, $151,000 in the common stock account, and $2,760,000 in the additional paid-in surplus account. The December 31, 2016, balance sheet showed long-term debt of $1,690,000, $161,000 in the common stock account, and $3,060,000 in the additional paid-in surplus account. The 2016 income statement showed an interest expense of $99,500 and the company paid out $156,000 in cash dividends during 2016. The firm’s net capital spending for 2016 was $1,070,000, and the firm reduced its net working capital investment by $136,000.

Reference no: EM131573215

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