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 $ 7,800 $ 12,250 Accounts payable $ 46,400 $ 52,750 Accounts receivable 15,800 31,000 Notes payable 20,600 26,500 Inventory 53,400 64,250 Total $ 77,000 $ 107,500 Total $ 67,000 $ 79,250 Long-term debt $ 46,000 $ 40,000 Owners equity Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 237,000 330,750 Net plant and equipment $ 323,000 $ 392,500 Total $ 287,000 $ 380,750 Total assets $ 400,000 $ 500,000 Total liabilities and owners equity $ 400,000 $ 500,000 For each account on this companys balance sheet, show the change in the account during 2015 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 "0" wherever required. Negative amounts should be indicated by a minus sign.) 2014 Sources/Uses 2015 Assets Current assets Cash $ 7,800 $ $ 12,250 Accounts receivable 15,800 31,000 Inventory 53,400 64,250 Total $ 77,000 $ $ 107,500 Fixed assets Net plant and equipment $ 323,000 $ $ 392,500 Total assets $ 400,000 $ $ 500,000 Liabilities and Owners Equity Current liabilities Accounts payable $ 46,400 $ $ 52,750 Notes payable 20,600 26,500 Total $ 67,000 $ $ 79,250 Long-term debt $ 46,000 $ $ 40,000 Owners' equity Common stock and paid-in surplus $ 50,000 $ $ 50,000 Accumulated retained earnings 237,000 330,750 Total $ 287,000 $ $ 380,750 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 with AI-Powered 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

Students also viewed these Finance questions