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Problem 3-13 Preparing Standardized Financial Statements [LO1] Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. Assets 2017 JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 12,250 Accounts payable $ 46,400 31,000 Notes payable 20,600 64,250 2018 $ Current assets Cash Accounts receivable Inventory 7,800 15,800 53,400 $ 52,750 26,500 Total $ 77,000 $ 107,500 Total $ 67,000 $ 79,250 $ 46,000 $ 40,000 Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings $ 50,000 237,000 $ 50,000 330,750 Net plant and equipment $323,000 $392,500 Total $ 287,000 $ 380,750 Total assets $400,000 $500,000 Total liabilities and owners equity $400,000 $500,000 Prepare the 2017 and 2018 common-size balance sheets for Just Dew It. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g. 32.16.) 2017 % 2018 % Assets $ % % % % 7,800 15,800 53,400 77,000 12,250 31,000 64,250 107,500 % $ % $ % 323,000 400,000 % % 392,500 500,000 % Current assets Cash 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 Accumulated retained earnings Total Total liabilities and owners' equity $ % % % 46,400 20,600 67,000 46,000 52,750 26,500 79,250 40,000 % % $ % $ % $ % % % % 50,000 237,000 287,000 400,000 50,000 330,750 380,750 500,000 $ % % % Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. Assets 2017 2018 $ 40,600 Current assets Cash Accounts receivable Inventory $ 7,050 25,050 55,650 21,800 JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $10,600 Accounts payable $ 34,500 28,800 Notes payable 21,150 72,200 $ 111,600 Total 55,650 Long-term debt $ 36,000 Owners' equity Common stock and paid in $ 48,000 surplus Retained earnings 160,350 Total $ 87,750 $ 62,400 $ 33,000 $ 48,000 256,600 Net plant and equipment $ 212,250 $288.400 Total $208,350 $304,600 Total assets $300,000 $400,000 Total liabilities and owners equity $300,000 $400,000 For each account on this company's balance sheet, show the change in the account during 2018 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign.) 2017 Sources/Uses 2018 Assets $ 7,050 25,050 55,650 87,750 10,600 28,800 72,200 111,600 $ $ $ 212,250 300,000 $ $ 288,400 400,000 Current assets Cash 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 Accumulated retained earings Total Total liabilities and owners' equity $ $ 34,500 21,150 55,650 36,000 40,600 21,800 62,400 33,000 $ $ $ $ $ $ 48,000 160,350 208,350 300,000 48,000 256,600 304,600 400,000 $ $ $ Some recent financial statements for Smolira Golf Corp. follow. Assets 2017 2018 Current assets Cash Accounts receivable Inventory SMOLIRA GOLF CORP. 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 38,480 Accounts payable $ 37,852 28,396 Notes payable 19,708 42,912 Other 20,494 $ 35,085 18,151 $ 42,932 16,725 25,194 3,820 Total $ 57,056 $ 109,788 Total $ 78,054 $ 84,851 Long-term debt $ 118,500 $ 181,793 $ 55,700 $ 55,700 Owners' equity Common stock and paid-in surplus Accumulated retained earnings 269,812 308,127 Fixed assets Net plant and equipment $ 465,010 $520,683 Total $ 325,512 $363,827 Total assets $522,066 $ 630,471 Total liabilities and owners' equity $522,066 $ 630,471 $509,954 361,778 45,338 SMOLIRA GOLF CORP. 2018 Income Statement Sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes (22%) $ 102,838 20,383 $ 82,455 18,140 Net income $ 64,315 Dividends Retained earnings $26,000 38,315 Prepare the 2018 statement of cash flows for Smolira Golf Corp. (Negative answers should be indicated by a minus sign.) SMOLIRA GOLF CORP. Statement of Cash Flows For 2018 Cash, beginning of the year Operating activities Net cash from operating activities Investment activities Net cash from investment activities Financing activities Net cash from financing activities Cash, end of year