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. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021

image text in transcribedimage text in transcribed

Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities. Accounts payable Notes payable Assets 2020 Current assets Cash Accounts receivable Inventory $ 14,588 35,258 41,019 65,567 71,505 $17,631 Total $ 115,413 $130,155 Total Long-term debt Owners' equity 2020 2021 $55,653 $63,073 21,895 25,324 $ 77,548 $88,397 $58,000 $ 62,000 Common stock and paid-in surplus $60,000 $60,000 Retained earnings Net plant and equipment $477,413 $498,421 Total 397,278 418,179 $ 457,278 $478,179 592,826 $628,576 Total liabilities and owners' equity Total assets 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 "O" wherever required. A negative answer should be indicated by a minus sign.) $ $ 592,826 628,576 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 "O" wherever required. A negative answer should be indicated by a minus sign.) 2020 Sources/Uses 2021 Assets Current assets Cash Accounts receivable Inventory Total $ 14,588 $ 17,631 35,258 41,019 65,567 71,505 $ 115,413 $ 130,155 Fixed assets Net plant and equipment $ 477,413 $ 498,421 Total assets $ 592,826 $ 628,576 Liabilities and Owners' Equity Current liabilities Accounts payable $ 55,653 $ 63,073 Notes payable 21,895 25,324 Total $ 77,548 $ 88,397 Long-term debt $ 58,000 $ 62,000 Owners' equity Common stock and paid-in surplus $ 60,000 $ 60,000 Accumulated retained eamings 397,278 418,175 Total $ 457,278 $ 478,179 Total liabilities and owners' equity $ 592,826 $ 628,576

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

Financial Accounting

Authors: Libby, Short

6th Edition

978-0071284714, 9780077300333, 71284710, 77300335, 978-0073526881

More Books

Students also viewed these Accounting questions

Question

1. Can they separate relevant from irrelevant information?

Answered: 1 week ago