Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Just Dew It Corporation reports the following balance sheet information for 2014 and 2015. JUST DEW IT CORPORATION 2014 and 2015 Balance Sheets Assets Liabilities

Just Dew It Corporation reports the following balance sheet information for 2014 and 2015.

JUST DEW IT CORPORATION 2014 and 2015 Balance Sheets
Assets Liabilities and Owners Equity
2014 2015 2014 2015
Current assets Current liabilities
Cash $ 10,620 $ 13,275 Accounts payable $ 52,560 $ 60,750
Accounts receivable 21,420 29,925 Notes payable 19,260 24,075
Inventory 67,860 82,575
Total $ 99,900 $ 125,775 Total $ 71,820 $ 84,825
Long-term debt $ 36,000 $ 27,000
Owners equity
Common stock and paid-in surplus $ 45,000 $ 45,000
Retained earnings 207,180 293,175
Net plant and equipment $ 260,100 $ 324,225 Total $ 252,180 $ 338,175
Total assets $ 360,000 $ 450,000 Total liabilities and owners equity $ 360,000 $ 450,000

For each account on this companys balance sheet, show the change in the account during 2015 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. Negative amounts should be indicated by a minus sign.)

image text in transcribed

2014. Sources/Uses 2015 Assets Current assets 10,620 Use 13,275 Cash Use Accounts receivable 21,420 29,925 Use 67,860 82,575 Inventory Use $125,775 99,900 Tota Fixed assets Use $260,100 $324,225 Net plant and equipment Use $450,000 Total assets $360,000 Liabilities and owners' Equity Current liabilities 52,560 60,750 Source Accounts payable 24,075 Source Notes payable 19,260 71,820 84,825 Source Tota Long-term debt 36,000 Use 27,000 Owners' equity 45,000 None Common stock and paid-in surplus 45,000 207,180 293,175 Source Accumulated retained earnings 338,175 252,180 Source Tota 450,000 Total liabilities and owners' equity 360,000 Source

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions

Question

Which ethical paradigm would be most helpful in this situation?

Answered: 1 week ago