Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES PARROTHEAD ENTERPRISES 2014 and 2015...

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Consider the following abbreviated financial statements for Parrothead Enterprises: PARROTHEAD ENTERPRISES PARROTHEAD ENTERPRISES 2014 and 2015...

Consider the following abbreviated financial statements for Parrothead Enterprises:

PARROTHEAD ENTERPRISES						PARROTHEAD ENTERPRISES
2014 and 2015 Partial Balance Sheets						2015 Income Statement
Assets			Liabilities & Owners’ Equity			Sales	12072
	2015	2014		2015	2014	Costs	5195
Current assets	973	968	Current liabilities	309	495	Depreciation	1041
Net fixed assets	3642	4225	Long-term debt	2009	2192	Interest	178

During 2015, Parrothead Enterprises raised $353 in new long-term debt. How much long-term debt must Parrothead Enterprises have paid off during the year?

(Omit the "$" sign and commas in your response. For example, $123,456 should be entered as 123456.)

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Answer 1

Answer #1

2015 long term debt = 2009

2014 long term debt = 2192

Debt raised = 353

2192 + 353 - debt paid off = 2009

2192 +353 -2009 = Debt paid off

536 = Debt paid off

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Answer 2

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