Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Consider the following abbreviated financial statements for Cabo Wabo, Incorporated: Assets Current assets CABO WABO, INCORPORATED Partial Balance Sheets as of December 31, 2021
Consider the following abbreviated financial statements for Cabo Wabo, Incorporated: Assets Current assets CABO WABO, INCORPORATED Partial Balance Sheets as of December 31, 2021 and 2022 2021 2022 $ 3,151 $ 3,367 Net fixed assets 14,060 14,511 Liabilities and Owners' Equity Current liabilities. Long-term debt 2021 $1,399 7,377 CABO WABO, INCORPORATED 2022 Income Statement Sales $ 45,000 Costs 22,522 Depreciation Interest paid 3,885 995 2022 $2,078 8,419 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., b. What is the change in net working capital for 2022? 32. 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 $8,038 in new fixed assets. The tax rate is 23 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 $2,479 in new long-term debt. What is the cash flow to creditors? 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. ints 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 $2,479 in new long-term debt. What is the cash flow to creditors? 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. d-2. 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. a. 2021 Owners' equity Answer is not complete. 2022 Owners' equity b. Change in net working capital c-1. Fixed assets sold c-2. Cash flow from assets $ 8,435 7,381 ( -463 d-1. Cash flow to creditors d-2. Debt retired
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