Posted: February 4th, 2016
. What is owners’ equity for 2014 and 2015? (Do not round intermediate calculations.)
| Consider the following abbreviated financial statements for Parrothead Enterprises: |
| PARROTHEAD ENTERPRISES
2014 and 2015 Partial Balance Sheets |
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| Assets | Liabilities and Owners’ Equity | |||||||||||||
| 2014 | 2015 | 2014 | 2015 | |||||||||||
| Current assets | $ | 944 | $ | 1,004 | Current liabilities | $ | 380 | $ | 413 | |||||
| Net fixed assets | 3,877 | 4,596 | Long-term debt | 2,031 | 2,192 | |||||||||
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| PARROTHEAD ENTERPRISES
2015 Income Statement |
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| Sales | $ | 12,245 |
| Costs | 5,885 | |
| Depreciation | 1,000 | |
| Interest paid | 180 | |
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| a. | What is owners’ equity for 2014 and 2015? (Do not round intermediate calculations.) |
| Owners’ equity 2014 | $ |
| Owners’ equity 2015 | $ |
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| b. | What is the change in net working capital for 2015? (Do not round intermediate calculations.) |
| Change in NWC | $ |
| c-1 | In 2015, Parrothead Enterprises purchased $1,870 in new fixed assets. How much in fixed assets did Parrothead Enterprises sell? (Do not round intermediate calculations.) |
| Fixed assets sold | $ |
| c-2 | In 2015, Parrothead Enterprises purchased $1,870 in new fixed assets. What is the cash flow from assets for the year? (The tax rate is 35 percent.) (Do not round intermediate calculations.) |
| Cash flow from assets | $ |
| d-1 | During 2015, Parrothead Enterprises raised $400 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year? (Do not round intermediate calculations.) |
| Debt retired | $ |
| d-2 | During 2015, Parrothead Enterprises raised $400 in new long-term debt. What is the cash flow to creditors? (Do not round intermediate calculations.) |
| Cash flow to creditors |
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