Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Consider the following abbreviated financial statements for Weston Enterprises: WESTON ENTERPRISES 2019 and 2020 Partial Balance Sheets Assets Liabilities and Owners' Equity 2019 2020 2019
Consider the following abbreviated financial statements for Weston Enterprises: WESTON ENTERPRISES 2019 and 2020 Partial Balance Sheets Assets Liabilities and Owners' Equity 2019 2020 2019 2020 $577 $ 606 Current assets $1,263 $ 1,314 Net fixed assets 5,792 6,023 Current liabilities Long-term debt 3,240 3,507 WESTON ENTERPRISES 2020 Income Statement 17,583 Sales $ Costs 5,221 1,544 Depreciation Interest paid 726 a. What was owners' equity for 2019 and 2020? (Do not round intermediate calculations.) b. What was the change in net working capital for 2020? (Do not round intermediate calculations.) c-1. In 2020, the company purchased $3,122 in new fixed assets. How much in fixed assets did the company sell? (Do not round intermediate calculations.) c-2. In 2020, the company purchased $3,122 in new fixed assets. What was the cash flow from assets for the year? The tax rate is 23 percent. (Do not round intermediate calculations.) d-1. During 2020, the company raised $787 in new long-term debt. How much long-term debt must the company have paid off during the year? (Do not round intermediate calculations.) d-2. During 2020, the company raised $787 in new long-term debt. What was the cash flow to creditors? (Do not round intermediate calculations.) a. Owners' equity 2019 Owners' equity 2020 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
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