Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021 Assets 2020 JUST DEW IT CORPORATION 2020 and 2021 Balance
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021 Assets 2020 JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Current assets Liabilities and Owners' Equity Current liabilities Cash $11,250 $19,440 Accounts payable Accounts receivable 11,850 16,080 Notes payable Inventory 39,150 60,240 Total $62,250 $ 95,760 Total 2020 2021 S $30,600 49.200 24,900 31,200 Long-term debt $ 55,500 80,400 $27,000 24,000 Owners' equity Common stock and paid-in $48,000 surplus 48,000 Retained earnings 169.500 327,600 Net plant and equipment $ 237,750 384,240 Total Total assets $ $ Total liabilities and owners 300,000 480,000 equity $ 217,500 375,600 $ 300,000 480,000 S $ Prepare the 2020 and 2021 common-size balance sheets for Just Dew it. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) 2020 % 2021 1% Assets Current assets Cash $ 11,250 % $ 19,440 % Accounts receivable Inventory 11,850 39,150 % 16,080 % % 60,240 % Total $ 62,250 % $ 95,760 % Fixed assets Net plant and equipment $ 237.750 % $384,240 Total assets $ 300,000 % $ 480,000 %6 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity $ 30,600 24,900 % % $ 49,200 31,200 $ 55,500 $27,000 % $ 80,400 % $ 24.000 Common stock and paid-in $ 48,000 surplus % $ 48,000 Retained earnings Total 169,500 $217,500 % % 327,600 $ 375.600 Total liabilities and owners equity $ 300,000 % $ 480,000 5555 %
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started