Yale Driving School's 2017 statement of financial position showed net fixed assets of $2

Accounting Sep 23, 2020

Yale Driving School's 2017 statement of financial position showed net fixed assets of $2.8 million and the 2018 statement of financial position showed net fixed assets of $3.6 million. The company's 2018 statement of comprehensive income showed a depreciation expense of $345,000. What was the net capital spending in 2018?

Expert Solution

Net Capital Spending in 2018 =Net Fixed Assets in 2018+Depreciation-Net Fixed Assets of 2017

=3600000+ 345000- 2800000

= 1,145,000

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