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

Expert Solution

jeff jeffy answered 6 months ago

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