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Help geniuses of Chegg, I made it this far on my own. Consider the following abbreviated financial statements for Cabo Wabo, Inc.: (Enter your answer
Help geniuses of Chegg, I made it this far on my own.
Consider the following abbreviated financial statements for Cabo Wabo, Inc.: (Enter your answer as directed, but do not round intermediate calculations.) CABO WABO, INC. Partial Balance Sheets as of December 31, 2013 and 2014 2013 2014 2013 2014 Assets Liabilities and Owners' Equity 2,809 2.932 Current assets $ Current liabilities $ 1,079$ 1,637 12,607 Net fixed assets 13,151 Long-term debt 6,505 7790 CABO WABO, INC. 2014 Income Statement Sales $40,230 20,138 Costs Depreciation Interest paid 3,493 678 Requirement 3: In 2014, Cabo Wabo purchased $6,066 in new fixed assets. The tax rate is 40 percent. (a) How much in fixed assets did Cabo Wabo sell? (Round your answer to the nearest whole dollar amount (e.g., 32).) Fixed assets sold $ 2029 (b) What is the cash flow from assets for the year? (Round your answer to the nearest whole dollar amount (e.g., 32).) Cash flow from assets $ $ Requirement 4: During 2014, Cabo Wabo raised $1,960 in new long-term debt. (a)What is the cash flow to creditors? (Negative amount should be indicated by a minus sign. (Round your answer to the nearest whole dollar amount (e.g., 32).) Cash flow to creditors $ (b) How much long-term debt must Cabo Wabo have paid off during the year? (Round your answer to the nearest whole dollar amount (e.g., 32).)Step by Step Solution
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