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Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES 2017 and 2018 Partial Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017
Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES 2017 and 2018 Partial Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets $1,326 $ 1,467 Current liabilities $ 622 $ 661 Net fixed assets 5,113 6,208 Long-term debt 2,848 3,035 PARROTHEAD ENTERPRISES 2018 Income Statement 16,258 Sales $ Costs Depreciation Interest paid 7,315 1,483 468 a. What is owners' equity for 2017 and 2018? (Do not round intermediate calculations.) b. What is the change in net working capital for 2018? (Do not round intermediate calculations.) C-1. In 2018, Parrothead Enterprises purchased $2,736 in new fixed assets. How much in fixed assets did Parrothead Enterprises sell? (Do not round intermediate calculations.) c-2. In 2018, Parrothead Enterprises purchased $2,736 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.) C-1. In 2018, Parrothead Enterprises purchased $2,736 in new fixed assets. How much in fixed assets did Parrothead Enterprises sell? (Do not round intermediate calculations.) c-2. In 2018, Parrothead Enterprises purchased $2,736 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 2018, Parrothead Enterprises raised $604 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 2018, Parrothead Enterprises raised $604 in new long-term debt. What is the cash flow to creditors? (Do not round intermediate calculations.) X Answer is complete but not entirely correct. a. $ 2,969 Owners' equity 2017 Owners' equity 2018 Change in NWC $ 3,979 b. $ 102 C- 1. Fixed assets sold $ 158 Cash flow from assets $ 3,816 x C- 2. d- 1. d- 2. Debt retired $ 51 x Cash flow to creditors $ 281
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