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 $ 11,025 $ 11,970 Accounts payable $ 43,750 $ 47,250
Accounts receivable 22,225 26,670 Notes payable 24,325 24,780
Inventory 44,625 51,450
Total $ 77,875 $ 90,090 Total $ 68,075 $ 72,030
Long-term debt $ 35,000 $ 21,000
Owners equity
Common stock and paid-in surplus $ 42,000 $ 42,000
Retained earnings 204,925 284,970
Net plant and equipment $ 272,125 $ 329,910 Total $ 246,925 $ 326,970
Total assets $ 350,000 $ 420,000 Total liabilities and owners equity $ 350,000 $ 420,000

Prepare the 2014 and 2015 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.)

2014 2015
Assets
Current assets
Cash $ 11,025 % $ 11,970 %
Accounts receivable 22,225 % 26,670 %
Inventory 44,625 % 51,450 %
Total $ 77,875 % $ 90,090 %
Fixed assets
Net plant and equipment $ 272,125 % $ 329,910 %
Total assets $ 350,000 % $ 420,000 %
Liabilities and Owners Equity
Current liabilities
Accounts payable $ 43,750 % $ 47,250 %
Notes payable 24,325 % 24,780 %
Total $ 68,075 % $ 72,030 %
Long-term debt $ 35,000 % $ 21,000 %
Owners' equity
Common stock and paid-in surplus $ 42,000 % $ 42,000 %
Accumulated retained earnings 204,925 % 284,970 %
Total $ 246,925 % $ 326,970 %
Total liabilities and owners' equity $ 350,000 % $ 420,000 %

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

Step: 3

blur-text-image

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

Energy And Finance Sustainability In The Energy Industry

Authors: André Dorsman, Özgür Arslan-Ayaydin, Mehmet Baha Karan

1st Edition

3319322664, 978-3319322667

More Books

Students also viewed these Finance questions

Question

3. Describe the Lucas critique.

Answered: 1 week ago