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Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance Sheets Liabilities and Owners' Assets 2020 2021 2020 2021 Equity Current assets $1,254 $1,371 Current liabilities $ 538 $589 Net fixed assets 5,029 6,076 Long-term debt 2,716 2,891 PARROTHEAD ENTERPRISE 2021 Income Statement Sales $ 15,682 Costs 7,207 Depreciation 1,411 Interest pald 420 a. What is owners' equity for 2020 and 2021? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What is the change in net working capital for 2021? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-1. In 2021, Parrothead Enterprises purchased $2,592 in new fixed assets. How much In fixed assets did the company sell? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-2. In 2021, Parrothead Enterprises purchased $2,592 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 24 percent. (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d-1. During 2021, Parrothead Enterprises raised $544 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d-2. During 2021, Parrothead Enterprises raised $544 in new long-term debt. What is the cash flow to creditors? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) 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

Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance Sheets Liabilities and Owners' Assets 2020 2021 2020 2021 Equity Current assets $1,254 $1,371 Current liabilities $ 538 $589 Net fixed assets 5,029 6,076 Long-term debt 2,716 2,891 PARROTHEAD ENTERPRISE 2021 Income Statement Sales $ 15,682 Costs 7,207 Depreciation 1,411 Interest pald 420 a. What is owners' equity for 2020 and 2021? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What is the change in net working capital for 2021? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-1. In 2021, Parrothead Enterprises purchased $2,592 in new fixed assets. How much In fixed assets did the company sell? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-2. In 2021, Parrothead Enterprises purchased $2,592 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 24 percent. (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d-1. During 2021, Parrothead Enterprises raised $544 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d-2. During 2021, Parrothead Enterprises raised $544 in new long-term debt. What is the cash flow to creditors? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) 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

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 103.4C
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Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance Sheets Liabilities and Owners' Assets 2020 2021 2020 2021 Equity Current assets $1,254 $1,371 Current liabilities $ 538 $589 Net fixed assets 5,029 6,076 Long-term debt 2,716 2,891 PARROTHEAD ENTERPRISE 2021 Income Statement Sales $ 15,682 Costs 7,207 Depreciation 1,411 Interest pald 420 a. What is owners' equity for 2020 and 2021? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What is the change in net working capital for 2021? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-1. In 2021, Parrothead Enterprises purchased $2,592 in new fixed assets. How much In fixed assets did the company sell? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-2. In 2021, Parrothead Enterprises purchased $2,592 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 24 percent. (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d-1. During 2021, Parrothead Enterprises raised $544 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d-2. During 2021, Parrothead Enterprises raised $544 in new long-term debt. What is the cash flow to creditors? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) 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
Transcribed Image Text:Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance Sheets Liabilities and Owners' Assets 2020 2021 2020 2021 Equity Current assets $1,254 $1,371 Current liabilities $ 538 $589 Net fixed assets 5,029 6,076 Long-term debt 2,716 2,891 PARROTHEAD ENTERPRISE 2021 Income Statement Sales $ 15,682 Costs 7,207 Depreciation 1,411 Interest pald 420 a. What is owners' equity for 2020 and 2021? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What is the change in net working capital for 2021? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-1. In 2021, Parrothead Enterprises purchased $2,592 in new fixed assets. How much In fixed assets did the company sell? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) c-2. In 2021, Parrothead Enterprises purchased $2,592 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 24 percent. (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d-1. During 2021, Parrothead Enterprises raised $544 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year? (Do not round Intermediate calculations and round your answer to the nearest whole number, e.g., 32.) d-2. During 2021, Parrothead Enterprises raised $544 in new long-term debt. What is the cash flow to creditors? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) 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
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