PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance Sheets Assets 2020 2021 Liabilities and Owners’ Equity 2020 2021 Current assets $ 1,278 $ 1,403 Current liabilities $ 566 $ 613 Net fixed assets 5,057 6,120 Long-term debt 2,760 2,939 PARROTHEAD ENTERPRISE 2021 Income Statement Sales $ 15,874 Costs 7,243 Depreciation 1,435 Interest paid 436 a. What is owners' equity for 2020 and 2021? b. What is the change in net working capital for 2021? c-1. In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. How much in fixed assets did the company sell? c-2. In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 24 percent.
PARROTHEAD ENTERPRISES 2020 and 2021 Partial Balance Sheets Assets 2020 2021 Liabilities and Owners’ Equity 2020 2021 Current assets $ 1,278 $ 1,403 Current liabilities $ 566 $ 613 Net fixed assets 5,057 6,120 Long-term debt 2,760 2,939 PARROTHEAD ENTERPRISE 2021 Income Statement Sales $ 15,874 Costs 7,243 Depreciation 1,435 Interest paid 436 a. What is owners' equity for 2020 and 2021? b. What is the change in net working capital for 2021? c-1. In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. How much in fixed assets did the company sell? c-2. In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. What is the cash flow from assets for the year? The tax rate is 24 percent.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
| PARROTHEAD ENTERPRISES | |||||
| 2020 and 2021 Partial |
|||||
| Assets | 2020 | 2021 | Liabilities and Owners’ Equity | 2020 | 2021 |
|---|---|---|---|---|---|
| Current assets | $ 1,278 | $ 1,403 | Current liabilities | $ 566 | $ 613 |
| Net fixed assets | 5,057 | 6,120 | Long-term debt | 2,760 | 2,939 |
| PARROTHEAD ENTERPRISE | |
| 2021 Income Statement | |
| Sales | $ 15,874 |
|---|---|
| Costs | 7,243 |
| 1,435 | |
| Interest paid | 436 |
| a. | What is owners' equity for 2020 and 2021? |
| b. | What is the change in net |
| c-1. | In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. How much in fixed assets did the company sell? |
| c-2. | In 2021, Parrothead Enterprises purchased $2,640 in new fixed assets. What is the |
| d-1. | During 2021, Parrothead Enterprises raised $564 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year? |
| d-2. | During 2021, Parrothead Enterprises raised $564 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.) |
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