Is this correct? My parents and we are jumping.
Yes. It would be clearer if you said, My parents and we kids are jumping.
No the correct answer is My parents and I are jumping.
The sentence "My parents and we are jumping" is grammatically incorrect. The correct sentence would be "My parents and I are jumping."
To determine whether to use "we" or "us" in a sentence, you can remove the other noun or pronoun and see which one sounds right. In this case, remove "My parents and" and see if "we are jumping" or "us are jumping" sounds correct. Since "we are jumping" is the correct phrase, you should use "My parents and I."
Remember that "we" is the subject pronoun, used when the pronoun is performing the action, while "us" is the object pronoun, used when the pronoun is receiving the action.