Question
Consider the following abbreviated financial statements for Cabo Wabo, Incorporated: CABO WABO, INCORPORATED Partial Balance Sheets as of December 31, 2021 and 2022 Assets 2021
Consider the following abbreviated financial statements for Cabo Wabo, Incorporated:
CABO WABO, INCORPORATED | |||||
---|---|---|---|---|---|
Partial Balance Sheets as of December 31, 2021 and 2022 | |||||
Assets | 2021 | 2022 | Liabilities and Owners Equity | 2021 | 2022 |
Current assets | $ 2,690 | $ 2,852 | Current liabilities | $ 1,162 | $ 1,540 |
Net fixed assets | 12,475 | 13,044 | Long-term debt | 6,445 | 6,898 |
CABO WABO, INCORPORATED | |
---|---|
2022 Income Statement | |
Sales | $ 40,257 |
Costs | 20,189 |
Depreciation | 3,395 |
Interest paid | 929 |
a. What is owners equity for 2021 and 2022?
Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.
b.What is the change in net working capital for 2022?
Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.
c-1. In 2022, the company purchased $7,088 in new fixed assets. The tax rate is 22 percent. How much in fixed assets did the company sell?
Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.
c-2. What is the cash flow from assets for the year?
Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.
d-1. During 2022, the company raised $2,134 in new long-term debt. What is the cash flow to creditors?
Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.
d-1. How much long-term debt must the company have paid off during the year?
Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.
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