Question
Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES 2014 and 2015 Partial Balance Sheets Assets Liabilities and Owners Equity 2014 2015 2014
Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES 2014 and 2015 Partial Balance Sheets Assets Liabilities and Owners Equity 2014 2015 2014 2015 Current assets $ 924 $ 1,002 Current liabilities $ 370 $ 428 Net fixed assets 3,917 4,556 Long-term debt 2,006 2,142 PARROTHEAD ENTERPRISES 2015 Income Statement Sales $ 11,295 Costs 5,535 Depreciation 1,020 Interest paid 180 a. What is owners' equity for 2014 and 2015? (Do not round intermediate calculations.) Owners' equity 2014 $ Owners' equity 2015 $ b. What is the change in net working capital for 2015? (Do not round intermediate calculations.) Change in NWC $ c-1 In 2015, Parrothead Enterprises purchased $1,820 in new fixed assets. How much in fixed assets did Parrothead Enterprises sell? (Do not round intermediate calculations.) Fixed assets sold $ c-2 In 2015, Parrothead Enterprises purchased $1,820 in new fixed assets. What is the cash flow from assets for the year? (The tax rate is 35 percent.) (Do not round intermediate calculations.) Cash flow from assets $ d-1 During 2015, Parrothead Enterprises raised $360 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year? (Do not round intermediate calculations.) Debt retired $ d-2 During 2015, Parrothead Enterprises raised $360 in new long-term debt. What is the cash flow to creditors? (Do not round intermediate calculations.) Cash flow to creditors $
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