Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Just Dew It Corporation reports the following balance sheet information for 2014 and 2015. JUST DEW IT CORPORATION 2014 and 2015 Balance Sheets Assets Liabilities

Just Dew It Corporation reports the following balance sheet information for 2014 and 2015.

JUST DEW IT CORPORATION 2014 and 2015 Balance Sheets
Assets Liabilities and Owners Equity
2014 2015 2014 2015
Current assets Current liabilities
Cash $ 7,950 $ 11,800 Accounts payable $ 40,500 $ 45,800
Accounts receivable 23,550 29,000 Notes payable 14,850 20,800
Inventory 36,750 47,000
Total $ 68,250 $ 87,800 Total $ 55,350 $ 66,600
Long-term debt $ 30,000 $ 24,000
Owners equity
Common stock and paid-in surplus $ 42,000 $ 42,000
Retained earnings 172,650 267,400
Net plant and equipment $ 231,750 $ 312,200 Total $ 214,650 $ 309,400
Total assets $ 300,000 $ 400,000 Total liabilities and owners equity $ 300,000 $ 400,000

Prepare the 2014 and 2015 common-size balance sheets for Just Dew It. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

2014 2015
Assets
Current assets
Cash $ 7,950 _____ % $ 11,800 ____ %
Accounts receivable 23,550 _____ % 29,000 ____ %
Inventory 36,750 _____ % 47,000 ____ %
Total $ 68,250 _____ % $ 87,800 ____ %
Fixed assets
Net plant and equipment $ 231,750 _____ % $ 312,200 ____%
Total assets $ 300,000 _____ % $ 400,000 ____ %
Liabilities and Owners Equity
Current liabilities
Accounts payable $ 40,500 _____ % $ 45,800 _____ %
Notes payable 14,850 _____ % 20,800 _____ %
Total $ 55,350 _____ % $ 66,600 _____ %
Long-term debt $ 30,000 _____ % $ 24,000 _____ %
Owners' equity
Common stock and paid-in surplus $ 42,000 ____ % $ 42,000 ______ %
Accumulated retained earnings 172,650 _____ % 267,400 ______ %
Total $ 214,650 _____ % $ 309,400 ______%
Total liabilities and owners' equity $ 300,000 _____ % $ 400,000 ______ %

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

Technical Analysis Of Stock Trends

Authors: Robert D. Edwards, John Magee, W.H.C. Bassetti

8th Edition

0814406807, 978-0814406809

More Books

Students also viewed these Finance questions

Question

What challenges does GE have to face in the HRM field today?

Answered: 1 week ago