Question
Consider the following abbreviated financial statements for Weston Enterprises: WESTON ENTERPRISES 2016 and 2017 Partial Balance SheetsAssetsLiabilities and Owners' Equity2016201720162017Current assets$946$1,008Current liabilities$385$404Net fixed assets3,9074,600Long-term debt2,0292,197
Consider the following abbreviated financial statements for Weston Enterprises:
WESTON ENTERPRISES
2016 and 2017 Partial Balance SheetsAssetsLiabilities and Owners' Equity2016201720162017Current assets$946$1,008Current liabilities$385$404Net fixed assets3,9074,600Long-term debt2,0292,197
WESTON ENTERPRISES
2017 Income StatementSales$12,340Costs5,920Depreciation1,050Interest paid190
a.What was owners' equity for 2016 and 2017?(Do not round intermediate calculations.)
Owners' equity 2016$Owners' equity 2017$
b.What was the change in net working capital for 2017?(Do not round intermediate calculations.)
Change in NWC$
c-1In 2017, the company purchased $1,875 in new fixed assets. How much in fixed assets did the company sell?(Do not round intermediate calculations.)
Fixed assets sold$
c-2In 2017, the company purchased $1,875 in new fixed assets. What was the cash flow from assets for the year? The tax rate is 35 percent.(Do not round intermediate calculations.)
Cash flow from assets$
d-1During 2017, the company raised $420 in new long-term debt. How much long-term debt must the company have paid off during the year?(Do not round intermediate calculations.)
Debt retired$
d-2During 2017, the company raised $420 in new long-term debt. What was the cash flow to creditors?(Do not round intermediate calculations.)
Cash flow to creditors$
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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