PARROTHEAD ENTERPRISES 2017 and 2018 Partial Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets $ 1,266 $ 1,387 Current liabilities $ 552 $ 601 Net fixed assets 5,043 6,098 Long-term debt 2,738 2,915 PARROTHEAD ENTERPRISES 2018 Income Statement 15,778 Sales Costs Depreciation Interest paid 7,225 1,423 428 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 $2,616 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 $2,616 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 22 percent. (Do not round intermediate calculations.) d-1. During 2018, Parrothead Enterprises raised $554 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 $554 in new long-term debt. What is the cash flow to creditors? (Do not round intermediate calculations.) 2018 Income Statement 15,778 Sales Costs Depreciation Interest paid 7,225 1,423 428 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 $2,616 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 $2,616 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 22 percent. (Do not round intermediate calculations.) d-1. During 2018, Parrothead Enterprises raised $554 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 $554 in new long-term debt. What is the cash flow to creditors? (Do not round intermediate calculations.) * Answer is complete but not entirely correct. a. $ 3,019 Owners' equity 2017 Owners' equity 2018 Change in NWC $ 3,969 $ 72 Fixed assets sold $ 1,561 Cash flow from assets $ 4,523 X C- 1. C- 2. d- 1. d- 2. Debt retired $ 377 Cash flow to creditors $ 51 X