1 Problem 3-18 Common-Size and Common-Base Year Financial Statements 10 points In addition to common-size financial statements, common-base year financial statements are often used. Common-base year financial statements are constructed by dividing the current year account value by the base year account value. Thus, the result shows the growth rate in the account. eBook Construct the common-size balance sheet and common-base year balance sheet for the company. Use 2020 as the base year. (Do not round intermediate calculations. Enter your common-size answers as a percent and your common-base year answers as a times. Round your common-size answers to 2 decimal places, e.g., 32.16, and common-base year answers to 4 decimal places, e.g., 32.1616.) Print JARROW CORPORATION References 2020 Common-size 2021 Common-size Common-base year Assets Current assets Cash $ 8,514 $ % 10,454 23,937 % 21,453 37,822 67,789 % % % % % 42,797 77,188 $ $ % % $ $ 216.370 284,159 % % $ $ 244,340 321,528 % Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Liabilities and owners' equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity $ $ % 41.898 18.464 % % 46,884 18.035 % $ $ % 60,362 25,000 % % 64,919 32,000 $ $ % $ $ 39,000 159.797 198,797 284,159 % % % % 40,200 184,409 224,609 % % % % $ $ $ $ 321,528