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. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. |
JUST DEW IT CORPORATION | |||||
2020 and 2021 Balance Sheets | |||||
Assets | 2020 | 2021 | Liabilities and Owners Equity | 2020 | 2021 |
---|---|---|---|---|---|
Current assets | Current liabilities | ||||
Cash | $ 11,000 | $ 14,250 | Accounts payable | $ 54,000 | $ 63,750 |
Accounts receivable | 27,000 | 36,750 | Notes payable | 14,800 | 20,500 |
Inventory | 75,000 | 96,250 | |||
Total | $ 113,000 | $ 147,250 | Total | $ 68,800 | $ 84,250 |
Long-term debt | $ 50,000 | $ 40,000 | |||
Owners equity | |||||
Common stock and paid-in surplus | $ 55,000 | $ 55,000 | |||
Retained earnings | 226,200 | 320,750 | |||
Net plant and equipment | $ 287,000 | $ 352,750 | Total | $ 281,200 | $ 375,750 |
Total assets | $ 400,000 | $ 500,000 | Total liabilities and owners equity | $ 400,000 | $ 500,000 |
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. (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.) |
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