Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance...

 

Transcribed Image Text:

Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity 2020 2021 Current assets $1,314 $1,451 Current liabilities $ 608 $649 Net fixed assets 5,099 6,186 Long-term debt 2,826 3,011 PARROTHEAD ENTERPRISES 2021 Income Statement Sales $16,162 Costs 7,297 Depreciation 1,471 Interest paid 460 a. b. What is owners' equity for 2020 and 2021? (Do not round Intermediate calculations.) What is the change in net working capital for 2021? (Do not round Intermediate calculations.) c-1. In 2021, Parrothead Enterprises purchased $2,712 in new fixed assets. How much in fixed assets did Parrothead Enterprises sell? (Do not round intermediate calculations.) c-2. In 2021, Parrothead Enterprises purchased $2,712 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 2021, Parrothead Enterprises raised $594 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 2021, Parrothead Enterprises raised $594 in new long-term debt. What is the cash flow to creditors? (Do not round Intermediate calculations.) a. Owners' equity 2020 a. Owners' equity 2021 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 Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity 2020 2021 Current assets $1,314 $1,451 Current liabilities $ 608 $649 Net fixed assets 5,099 6,186 Long-term debt 2,826 3,011 PARROTHEAD ENTERPRISES 2021 Income Statement Sales $16,162 Costs 7,297 Depreciation 1,471 Interest paid 460 a. b. What is owners' equity for 2020 and 2021? (Do not round Intermediate calculations.) What is the change in net working capital for 2021? (Do not round Intermediate calculations.) c-1. In 2021, Parrothead Enterprises purchased $2,712 in new fixed assets. How much in fixed assets did Parrothead Enterprises sell? (Do not round intermediate calculations.) c-2. In 2021, Parrothead Enterprises purchased $2,712 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 2021, Parrothead Enterprises raised $594 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 2021, Parrothead Enterprises raised $594 in new long-term debt. What is the cash flow to creditors? (Do not round Intermediate calculations.) a. Owners' equity 2020 a. Owners' equity 2021 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

Answer rating: 100% (QA)

Lets break down the calculations a Owners Equity 2020 Owners Equity Total Assets Total Liabilities O... View the full answer