Question
Consider the following abbreviated financial statements for Barrie Enterprises: BARRIE Enterprises 2017 and 2018 Partial Statement of Financial Position Assets Liabilities and Owner's Equity 2017
Consider the following abbreviated financial statements for Barrie Enterprises:
BARRIE Enterprises 2017 and 2018 Partial Statement of Financial Position | ||||||||||||
Assets | Liabilities and Owner's Equity | |||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||
Current assets | $ | 950 | $ | 1,026 | Current liabilities | $ | 383 | $ | 421 | |||
Net fixed assets | 4,127 | 4,896 | Long-term debt | 2,171 | 2,315 | |||||||
BARRIE Enterprises 2018 Statement of Comprehensive Income | ||
Sales | $ | 13,400 |
Costs | 5,557 | |
Depreciation | 1,213 | |
Interest paid | 330 | |
a. What is owner's equity for 2017 and 2018? (Omit $ sign in your response.)
Owner's equity 2017 | $ |
Owner's equity 2018 | $ |
b. What is the change in net working capital for 2018? (Omit $ sign in your response.)
Change in NWC $
c1. In 2018, Barrie Enterprises purchased $2,088 in new fixed assets. How much in fixed assets did Barrie Enterprises sell? (Omit $ sign in your response.)
Fixed assets sold $
c2. In 2018, Barrie Enterprises purchased $2,088 in new fixed assets. What is the cash flow from assets for the year? (The tax rate is 35%.) (Omit $ sign in your response.)
Cash flow from assets $
d1. During 2018, Barrie Enterprises raised $414 in new long-term debt. How much long-term debt must Barrie Enterprises have paid off during the year? (Omit $ sign in your response.)
Debt retired $
d2. During 2018, Barrie Enterprises raised $414 in new long-term debt. What is the cash flow to creditors? (Omit $ sign in your response.)
Cash flow to creditors $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started