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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
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 Current liabilities $ 594 $637 1,302 1,435 Net fixed assets 5,085 6,164 Long-term debt 2,804 2,987 PARROTHEAD ENTERPRISES 2021 Income Statement $ Sales 16,066 Costs 7,279 Depreciation 1,459 Interest paid 452 a. b. What is owners' equity for 2020 and 2021? (Do not round intermediate calculations.) What is the change in net working capital for 2021? (Do not round intermediate calculations.) c-1. In 2021, Parrothead Enterprises purchased $2,688 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 $2,688 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 $584 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 $584 in new long-term debt. What is the cash flow to creditors? (Do not round intermediate calculations.) a. Owners' equity 2020 a. Owners' equity 2021 b. Change in NWC c-1. Fixed assets sold c-2. Cash flow from assets d-1. Debt retired d-2. Cash flow to creditors
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