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Homework Answers
Net fixed assets = Gross fixed assets - Accumulated depreciation = $20 million - $7 million = $13 million
Total assets = Net fixed assets + Current assets = $13 million + $1 million = $14 million
Total liabilities + Owner's equity = Total assets
Total liabilities + $7.5 million = $14 million
Total liabilities = $14 million - $7.5 million = $6.5 million
Long term debt + Current liabilities = Total liabilities
$5 million + Current liabilities = $6.5 million
Current liabilities = $6.5 million - $5 million = $1.5 million
Net working capital = Current assets - Current liabilities = $1 million - $1.5 million = - $0.5 million
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Please Explain and show work. Thank you.
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