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 Liabilities

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 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Assets 2020 2021 Current assets Cash Accounts receivable Inventory 78,200 $6,600 $12,750 12,200 14,250 95,250 Total $ 97,000 $122,250 Total Long-term debt Owners' equity 2020 2021 $50,000 $68,750 19,000 35,500 $ 69,000 104,250 $ 48,000 $ 45,000 Common stock and paid-in surplus $ 50,000 $50,000 Retained earnings 233,000 300,750 Net plant and equipment $377,750 Total 303,000 283,000 350,750 $ $ Total assets Total liabilities and owners' equity 400,000 500,000 400,000 500,000 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 "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 $ 6,600 $ 12,750 12,200 14,250 78,200 95,250 $ 97,000 $ 122,250 Fixed assets Net plant and equipment $ 303,000 $ 377,750 Total assets $ 400,000 $ 500,000 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt $ 50,000 $ 68,750 19,000 35,500 $ 69,000 $ 104,250 $ 48,000 $ 45,000 Owners' equity Common stock and paid-in surplus $ 50,000 $ 50300 Retained earnings 233,000 300,750 Total $ 283,000 $ 350,750 Total liabilities and owners' equity $ 400,000 $ 500,000

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

Cornerstones of Financial and Managerial Accounting

Authors: Rich Jones, Mowen, Hansen, Heitger

1st Edition

9780538751292, 324787359, 538751290, 978-0324787351

More Books

Students also viewed these Accounting questions

Question

Examine alternative approaches to behavior therapy.

Answered: 1 week ago

Question

9.1 Define a budget. How is a budget different from a forecast?

Answered: 1 week ago