The following information was reported by Cutters Air Cargo Service for 2012: Net fixed assets (beginning of

Question:

The following information was reported by Cutter’s Air Cargo Service for 2012:
Net fixed assets (beginning of year) ..........$ 1,900,000
Net fixed assets (end of year) ............. 2,300,000
Net sales ...................... 3,300,000
Net earnings ................... 1,600,000