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Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance Sheets Assets 2020 2021 Liabilities and Owners Equity 2020
Consider the following abbreviated financial statements for Parrothead Enterprises: |
PARROTHEAD ENTERPRISES | |||||
2020 and 2021 Partial Balance Sheets | |||||
Assets | 2020 | 2021 | Liabilities and Owners Equity | 2020 | 2021 |
---|---|---|---|---|---|
Current assets | $ 1,254 | $ 1,371 | Current liabilities | $ 538 | $ 589 |
Net fixed assets | 5,029 | 6,076 | Long-term debt | 2,716 | 2,891 |
PARROTHEAD ENTERPRISES | |
2021 Income Statement | |
Sales | $ 15,682 |
---|---|
Costs | 7,207 |
Depreciation | 1,411 |
Interest paid | 420 |
a. | What is owners' equity for 2020 and 2021? (Do not round intermediate calculations.) |
b. | What is the change in net working capital for 2021? (Do not round intermediate calculations.) |
c-1. | In 2021, Parrothead Enterprises purchased $2,592 in new fixed assets. How much in fixed assets did Parrothead Enterprises sell? (Do not round intermediate calculations.) |
c-2. | In 2021, Parrothead Enterprises purchased $2,592 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 24 percent. (Do not round intermediate calculations.) |
d-1. | During 2021, Parrothead Enterprises raised $544 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year? (Do not round intermediate calculations.) |
d-2. | During 2021, Parrothead Enterprises raised $544 in new long-term debt. What is the cash flow to creditors? (Do not round intermediate calculations.) |
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