Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets 2020 Current assets Cash $10,620 $13,275 Accounts receivable Inventory

image text in transcribedimage text in transcribed

Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets 2020 Current assets Cash $10,620 $13,275 Accounts receivable Inventory 21,420 67,860 82,575 29,925 Accounts payable Notes payable JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities 2020 2021 $52,560 $ 60,750 19,260 24,075 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 Net plant and equipment $260,100 $324,225 Total 207,180 293,175 $252,180 $ 338,175 $ $ $ $ Total assets Total liabilities and owners' equity 360,000 450,000 360,000 450,000 For each account on this company's balance sheet, show the change in the account during 2021 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.) Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity 2020 $ 10,620 21,420 67,860 $ 99,900 Sources/Uses 2021 $ 13,275 29,925 82,575 125,775 $ 260,100 $ 324,225 $ 360,000 $ 450,000 Current liabilities Accounts payable Notes payable Total Long-term debt $ 52,560 $ 60,750 19,260 24,075 $ 71,820 $ 84,825 $ 36,000 $ 27,000 Owners' equity Common stock and paid-in surplus $ 45,000 $ 45,000 Retained earnings 207,180 293,175 Total $ 69 252,180 $ 338,175 Total liabilities and owners' equity $ 360,000 $ 450,000

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

International Money and Finance

Authors: Michael Melvin, Stefan C. Norrbin

8th edition

978-8131234136, 123852471, 978-0123852472

More Books

Students also viewed these Finance questions

Question

Transpose each. (a) (b) (c) (d) (e) (-1 -2) 2 3 1 (i 7 6

Answered: 1 week ago

Question

Am I just skimming over the problem?

Answered: 1 week ago