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23 April, 05:52

In 2016, the company purchased $5,691 in new fixed assets. The tax rate is 30 percent. How much in fixed assets did the company sell?

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  1. 23 April, 06:27
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    If a company purchased $5,691 in fixed assets, the other company sold them $5,691 in fixed assets. Regardless of taxes, they still sold and purchased the same amount of fixed assets. Now, if the $5,691 includes taxes and we are not wanting to use that as a number for sales purposes then the company sold $4,375 because when taxed at 30% the total is $5,691. A fixed asset is an item that is purchased for long-term use such as land, buildings and equipment.
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