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 2021 Current assets Cash Accounts receivable Inventory $12,000

image text in transcribedimage text in transcribed

Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets 2020 2021 Current assets Cash Accounts receivable Inventory $12,000 12,750 50,250 56,925 $17,775 16,425 Notes payable JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Liabilities and Owners' Equity Current liabilities Accounts payable 2020 2021 $ 46,875 $55,575 19,125 24,750 Total $75,000 $91,125 Total $66,000 $ 80,325 Long-term debt $30,000 $27,000 Owners' equity Common stock and paid-in surplus $ 45,000 $ 45,000 Retained earnings 234,000 297,675 $ Net plant and equipment $ 358,875 Total $279,000 300,000 342,675 $ Total assets $375,000 Total liabilities and owners' equity $375,000 450,000 450,000 Prepare the 2021 combined common-size, common-base year balance sheet for Just Dew It. (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.) Assets Current assets Cash Accounts receivable Inventory Total Fixed assets 2020 2021 $ 12,000 $ 17,775 12,750 16,425 50,250 56,925 $ 75,000 $ 91,125 Prepare the 2021 combined common-size, common-base year balance sheet for Just Dew It. (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.) Assets Current assets Cash ces 2020 2021 $ 12,000 $ 17,775 Accounts receivable 12,750 16,425 Inventory Total Fixed assets 50,250 56,925 $ 75,000 $ 91,125 Net plant and equipment $ 300,000 $ 358,875 Total assets $ 375,000 $ 450,000 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable. Total Long-term debt $ 46,875 $ 55,575 19,125 24,750 $ 66,000 $ 80,325 $ 30,000 $ 27,000 Owners' equity Common stock and paid-in surplus $ 45,000 $ 45,000 Retained earnings 234,000 297,675 Total $ 279,000 $ 342,675 Total liabilities and owners' equity $ 375,000 $ 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

Fundamentals of Financial Management

Authors: Eugene F. Brigham, Joel F. Houston

12th edition

978-0324597714, 324597711, 324597703, 978-8131518571, 8131518574, 978-0324597707

More Books

Students also viewed these Finance questions

Question

2. What is value to the user? How is it related to quality?

Answered: 1 week ago

Question

1. What is the definition of waste as it is used in this text?

Answered: 1 week ago