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ENTERPRISES 2019 and 2020 Partial Balance Sheets Assets Liabilities and Owners’ Equity 2019 2020 2019 2020 Current assets $ 1,248 $ 1,305 Current liabilities $ 568 $ 600 Net fixed assets 5,777 6,023 Long-term debt 3,228 3,489 WESTON ENTERPRISES 2020 Income Statement Sales $ 17,529 Costs 5,203 Depreciation 1,532 Interest paid 708 a. What was owners' equity for 2019 and 2020? (Do not round intermediate calculations.) b. What was the change

ENTERPRISES 2019 and 2020 Partial Balance Sheets Assets Liabilities and Owners’ Equity 2019 2020 2019 2020 Current assets $ 1,248 $ 1,305 Current liabilities $ 568 $ 600 Net fixed assets 5,777 6,023 Long-term debt 3,228 3,489 WESTON ENTERPRISES 2020 Income Statement Sales $ 17,529 Costs 5,203 Depreciation 1,532 Interest paid 708 a. What was owners' equity for 2019 and 2020? (Do not round intermediate calculations.) b. What was the change

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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WESTON ENTERPRISES 2019 and 2020 Partial Balance Sheets Assets Liabilities and Owners’ Equity 2019 2020 2019 2020 Current assets $ 1,248 $ 1,305 Current liabilities $ 568 $ 600 Net fixed assets 5,777 6,023 Long-term debt 3,228 3,489 WESTON ENTERPRISES 2020 Income Statement Sales $ 17,529 Costs 5,203 Depreciation 1,532 Interest paid 708 a. What was owners' equity for 2019 and 2020? (Do not round intermediate calculations.) b. What was the change in net working capital for 2020? (Do not round intermediate calculations.) c-1. In 2020, the company purchased $3,110 in new fixed assets. How much in fixed assets did the company sell? (Do not round intermediate calculations.) c-2. In 2020, the company purchased $3,110 in new fixed assets. What was the cash flow from assets for the year? The tax rate is 25 percent. (Do not round intermediate calculations.) d-1. During 2020, the company raised $772 in new long-term debt. How much long-term debt must the company have paid off during the year? (Do not round intermediate calculations.) d-2. During 2020, the company raised $772 in new long-term debt. What was the cash flow to creditors? (Do not round intermediate calculations.)
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