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For each account on this companys balance sheet, show the change in the account during 2021 and note whether this change was a source or
For each account on this companys balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cash. Do your numbers add up and make sense? Explain your answer for total assets as compared to your answer for total liabilities and owners equity.
JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets Liabilities and Owners' Equity 2020 2021 2020 2021 Current assets Current liabilities Cash $14,588 $17,631 Accounts payable $55,653 $63,073 Accounts receivable 35,258 41,019 Notes payable 21,895 25,324 Inventory 65,567 71,505 Total $77,548 $88,397 Total $115,413 $130,155 Long-term debt $58,000 $62,000 Owners' equity JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets Liabilities and Owners' Equity 2020 2021 2020 2021 Common stock and paid-in surplus $60,000 $60,000 Retained earnings 397,278 418,179 Net plant and equipment $477,413 $498,421 Total $457,278 $478,179 Total assets $592,826 $628,576 Total liabilities and owners' equity $592,826 $628,576
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