Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider the following abbreviated financial statements for Weston Enterprises: WESTON ENTERPRISES 2016 and 2017 Partial Balance Sheets Assets Liabilities and Owners Equity 2016 2017 2016

Consider the following abbreviated financial statements for Weston Enterprises:

WESTON ENTERPRISES 2016 and 2017 Partial Balance Sheets
Assets Liabilities and Owners Equity
2016 2017 2016 2017
Current assets $ 924 $ 1,002 Current liabilities $ 370 $ 428
Net fixed assets 3,917 4,556 Long-term debt 2,006 2,142

WESTON ENTERPRISES 2017 Income Statement
Sales $ 11,295
Costs 5,535
Depreciation 1,020
Interest paid 180

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-1 In 2017, the company purchased $1,820 in new fixed assets. How much in fixed assets did the company sell? (Do not round intermediate calculations.) Fixed assets sold $ c-2 In 2017, the company purchased $1,820 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-1 During 2017, the company raised $360 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-2 During 2017, the company raised $360 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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance Building Your Future

Authors: Robert Walker, Kristy Walker

2nd Edition

0077861728, 9780077861728

More Books

Students also viewed these Finance questions

Question

6. List and explain important trends in compensation management.

Answered: 1 week ago

Question

What are our strategic aims?

Answered: 1 week ago