Question
In: Finance
Consider the following abbreviated financial statements for Cabo Wabo, Inc.: CABO WABO, INC. Partial Balance...
Consider the following abbreviated financial statements for Cabo
Wabo, Inc.:
| CABO WABO, INC. Partial Balance Sheets as of December 31, 2015 and 2016 |
|||||||||
| 2015 | 2016 | 2015 | 2016 | ||||||
| Assets | Liabilities and Owners’ Equity | ||||||||
| Current assets | $ | 2,753 | $ | 2,890 | Current liabilities | $ | 1,107 | $ | 1,658 |
| Net fixed assets | 12,509 | 13,060 | Long-term debt | 6,596 | 7,818 | ||||
| CABO WABO, INC. 2016 Income Statement |
||
| Sales | $ | 40,090 |
| Costs | 20,082 | |
| Depreciation | 3,444 | |
| Interest paid | 657 | |
In 2016, the company purchased $5,891 in new fixed assets. The tax rate is 30 percent.
1. 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.)
Fixed assets sold $ 1896
2. What is the cash flow from assets for the year? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
Solutions
jeff jeffy answered 10 months agoRelated Solutions
Consider the following abbreviated financial statements for Cabo Wabo, Inc.: CABO WABO, INC. Partial Balance...
Consider the following abbreviated financial statements for Cabo
Wabo, Inc.:
CABO WABO, INC.
Partial Balance Sheets as of December 31, 2015 and 2016
2015
2016
2015
2016
Assets
Liabilities and Owners’ Equity
Current assets
$
2,673
$
2,830
Current liabilities
$
1,147
$
1,688
Net fixed assets
12,369
12,930
Long-term debt
6,726
7,858
CABO WABO, INC.
2016 Income Statement
Sales
$
39,890
Costs
20,002
Depreciation
3,374
Interest paid
627
a. What is owners’ equity for 2015 and 2016?
(Do...
Consider the following abbreviated financial statements for Cabo Wabo, Inc.: CABO WABO, INC. Partial Balance...
Consider the following abbreviated financial statements for Cabo
Wabo, Inc.:
CABO WABO, INC.
Partial Balance Sheets as of December 31, 2015 and 2016
2015
2016
2015
2016
Assets
Liabilities and Owners’ Equity
Current assets
$
2,745
$
2,884
Current liabilities
$
1,111
$
1,661
Net fixed assets
12,495
13,047
Long-term debt
6,609
7,822
CABO WABO, INC.
2016 Income Statement
Sales
$
40,070
Costs
20,074
Depreciation
3,437
Interest paid
654
a. What is owners’ equity for 2015 and 2016?
(Do...
Consider the following abbreviated financial statements for Cabo Wabo, Inc.: CABO WABO, INC. Partial Balance Sheets...
Consider the following abbreviated financial statements for Cabo
Wabo, Inc.: CABO WABO, INC. Partial Balance Sheets as of December
31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and
Owners’ Equity Current assets $ 2,689 $ 2,842 Current liabilities $
1,139 $ 1,682 Net fixed assets 12,397 12,956 Long-term debt 6,700
7,850 CABO WABO, INC. 2016 Income Statement Sales $ 39,930 Costs
20,018 Depreciation 3,388 Interest paid 633 a. What is owners’
equity for 2015 and 2016? (Do not...
Consider the following abbreviated financial statements for Cabo Wabo, Inc.: CABO WABO, INC. Partial Balance Sheets...
Consider the following abbreviated financial statements for
Cabo Wabo, Inc.:
CABO WABO, INC.
Partial Balance Sheets as of December 31, 2018 and 2019
2018
2019
2018
2019
Assets
Liabilities and Owners’ Equity
Current assets
$
3,007
$
3,191
Current liabilities
$
1,303
$
1,918
Net fixed assets
13,884
14,495
Long-term debt
7,185
8,243
CABO WABO, INC.
2019 Income Statement
Sales
$
44,760
Costs
22,442
Depreciation
3,789
Interest paid
1,027
a.
What is owners’ equity for 2018 and 2019? (Do not...
Consider the following abbreviated financial statements for Cabo Wabo, Inc.: CABO WABO, INC. Partial Balance Sheets...
Consider the following abbreviated financial statements for Cabo
Wabo, Inc.: CABO WABO, INC. Partial Balance Sheets as of December
31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and
Owners’ Equity Current assets $ 2,785 $ 2,914 Current liabilities $
1,091 $ 1,646 Net fixed assets 12,565 13,112 Long-term debt 6,544
7,802 CABO WABO, INC. 2016 Income Statement Sales $ 40,170 Costs
20,114 Depreciation 3,472 Interest paid 669 a. What is owners’
equity for 2015 and 2016? (Do not...
Consider the following abbreviated financial statements for Cabo Wabo, Inc.: CABO WABO, INC. Partial Balance Sheets...
Consider the following abbreviated financial statements for
Cabo Wabo, Inc.:
CABO WABO, INC.
Partial Balance Sheets as of December 31, 2018 and 2019
2018
2019
2018
2019
Assets
Liabilities and Owners’ Equity
Current assets
$
2,989
$
3,169
Current liabilities
$
1,291
$
1,898
Net fixed assets
13,862
14,493
Long-term debt
7,161
8,221
CABO WABO, INC.
2019 Income Statement
Sales
$
44,730
Costs
22,432
Depreciation
3,777
Interest paid
1,032
a.
What is owners’ equity for 2018 and 2019?
(Do not...
Consider the following abbreviated financial statements for Weston Enterprises: WESTON ENTERPRISES 2018 and 2019 Partial Balance...
Consider the following abbreviated financial statements for
Weston Enterprises: WESTON ENTERPRISES 2018 and 2019 Partial
Balance Sheets Assets Liabilities and Owners’ Equity 2018 2019 2018
2019 Current assets $ 1,266 $ 1,387 Current liabilities $ 552 $ 601
Net fixed assets 5,043 6,098 Long-term debt 2,738 2,915 WESTON
ENTERPRISES 2019 Income Statement Sales $ 15,778 Costs 7,225
Depreciation 1,423 Interest paid 428 a. What is owners' equity for
2018 and 2019? (Do not round intermediate calculations.) b. What is
the...
Consider the following abbreviated financial statements for Weston Enterprises: WESTON ENTERPRISES 2018 and 2019 Partial Balance...
Consider the following abbreviated financial statements for
Weston Enterprises: WESTON ENTERPRISES 2018 and 2019 Partial
Balance Sheets Assets Liabilities and Owners’ Equity 2018 2019 2018
2019 Current assets $ 1,218 $ 1,323 Current liabilities $ 496 $ 553
Net fixed assets 4,987 6,010 Long-term debt 2,650 2,819 WESTON
ENTERPRISES 2019 Income Statement Sales $ 15,394 Costs 7,153
Depreciation 1,375 Interest paid 396 a. What is owners' equity for
2018 and 2019? (Do not round intermediate calculations.) b. What is
the...
Consider the following abbreviated financial statements for Weston Enterprises: WESTON ENTERPRISES 2018 and 2019 Partial Balance...
Consider the following abbreviated financial statements for
Weston Enterprises: WESTON ENTERPRISES 2018 and 2019 Partial
Balance Sheets Assets Liabilities and Owners’ Equity 2018 2019 2018
2019 Current assets $ 1,308 $ 1,443 Current liabilities $ 601 $ 643
Net fixed assets 5,092 6,175 Long-term debt 2,815 2,999 WESTON
ENTERPRISES 2019 Income Statement Sales $ 16,114 Costs 7,288
Depreciation 1,465 Interest paid 456
a. What is owners' equity for 2018 and 2019? (Do not round
intermediate calculations.)
b. What is the...
Consider the following abbreviated financial statements for Parrothead Enterprises: Parrothead Enterprises 2017 and 2018 Partial Balance...
Consider the following abbreviated financial statements for
Parrothead Enterprises:
Parrothead
Enterprises
2017 and 2018 Partial
Balance Sheet
Assets Liabilities
& Owners Equity
2017
2018
2017
2018
Current assets
$1230
$1339
Current liabilities
$510
$565
Net fixed assets
$5001
$6032
Long-term debt
$2672
$2843
Parrothead Enterprises
2018 Income Statement
Sales
15490
Costs
7171
Depreciation
1387
Interest paid
404
a.
What is owners' equity for 2017 and 2018? (Do not round
intermediate calculations.)
b.
What is the change in net working capital...
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