Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS