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 2020 Assets Current assets Cash Accounts receivable Inventory JUST DEW IT

image text in transcribed
image text in transcribed
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021 2020 Assets Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2020 2021 Liabilities and Owners' Equity Current liabilities $ 8,250 $ 12,240 Accounts payable 34,500 40,560 Notes payable 58,500 86,160 2021 $ 43,500 $ 48,240 29,625 32,160 Total $ 101,250 $ 138,960 Total $ 73,125 $ 80,400 Long-term debt $ 45,000 $ 36,000 Owners' equity Common stock and paid in surplus $ 60,000 $ 60,000 Retained earnings 196,875 303,600 Net plant and equipment $ 273,750 $ 341.040 Total $ 256,875 363,600 Total assets $ 375,000 480,000 Total liabilities androwners' equity $375,000 $ 480,000 Prepare the 2021 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.) 2020 2021 Assets Current assets $ 8,250 $ 34,500 58,500 101,250 $ 12,240 40,560 86,160 138,960 $ $ $ $ 273,750 $ 375,000 $ 341,040 480,000 Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity $ 48,240 $ 43,500 $ 29,625 $ 73,125 $ 45,000 $ $ $ 32,160 80,400 36,000 $ 60,000 $ 196,875 256,875 s 375,000 $ 60,000 303,600 363,600 480,000 $ $

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_2

Step: 3

blur-text-image_3

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

Accounting Principles A Business Perspective

Authors: Roger H. Hermanson, James Don Edwards, Michael W. Maher

1st Edition

1680921851, 978-1680921854

More Books

Students also viewed these Accounting questions

Question

Have to Do: Recognize improvement.

Answered: 1 week ago