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Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Assets Liabilities
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. |
JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets | ||||||||||||||||
Assets | Liabilities and Owners Equity | |||||||||||||||
2017 | 2018 | 2017 | 2018 | |||||||||||||
Current assets | Current liabilities | |||||||||||||||
Cash | $ | 6,600 | $ | 12,750 | Accounts payable | $ | 50,000 | $ | 68,750 | |||||||
Accounts receivable | 12,200 | 14,250 | Notes payable | 19,000 | 35,500 | |||||||||||
Inventory | 78,200 | 95,250 | ||||||||||||||
Total | $ | 97,000 | $ | 122,250 | Total | $ | 69,000 | $ | 104,250 | |||||||
Long-term debt | $ | 48,000 | $ | 45,000 | ||||||||||||
Owners equity | ||||||||||||||||
Common stock and paid-in surplus | $ | 50,000 | $ | 50,000 | ||||||||||||
Retained earnings | 233,000 | 300,750 | ||||||||||||||
Net plant and equipment | $ | 303,000 | $ | 377,750 | Total | $ | 283,000 | $ | 350,750 | |||||||
Total assets | $ | 400,000 | $ | 500,000 | Total liabilities and owners equity | $ | 400,000 | $ | 500,000 | |||||||
2017 Sources/Uses 2018 Assets Current assets Cash S S 6,600 12,200 78,200 97,000 12,750 14,250 95,250 122,250 S S 02 S 303,000 400,000 377,750 500,000 S S 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 Accumulated retained earnings Total Total liabilities and owners' equity S S 50,000 19,000 69,000 48,000 68,750 35,500 104,250 45,000 S S S S S S 50,000 233,000 283,000 400,000 50,000 300,750 350.750 500,000 S S S S
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