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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 | $ | 11,025 | $ | 11,970 | Accounts payable | $ | 43,750 | $ | 47,250 | |||||||
| Accounts receivable | 22,225 | 26,670 | Notes payable | 24,325 | 24,780 | |||||||||||
| Inventory | 44,625 | 51,450 | ||||||||||||||
| Total | $ | 77,875 | $ | 90,090 | Total | $ | 68,075 | $ | 72,030 | |||||||
| Long-term debt | $ | 35,000 | $ | 21,000 | ||||||||||||
| Owners equity | ||||||||||||||||
| Common stock and paid-in surplus | $ | 42,000 | $ | 42,000 | ||||||||||||
| Retained earnings | 204,925 | 284,970 | ||||||||||||||
| Net plant and equipment | $ | 272,125 | $ | 329,910 | Total | $ | 246,925 | $ | 326,970 | |||||||
| Total assets | $ | 350,000 | $ | 420,000 | Total liabilities and owners equity | $ | 350,000 | $ | 420,000 | |||||||
| Prepare the 2015 combined common-size, commonbase year balance sheet for Just Dew It. (Do not round intermediate calculations. Round your answers to 4 decimal places, e.g., 32.1616.) |
| 2014 | 2015 | |||||||||
| Assets | ||||||||||
| Current assets | ||||||||||
| Cash | $ | 11,025 | $ | 11,970 | ||||||
| Accounts receivable | 22,225 | 26,670 | ||||||||
| Inventory | 44,625 | 51,450 | ||||||||
| Total | $ | 77,875 | $ | 90,090 | ||||||
| Fixed assets | ||||||||||
| Net plant and equipment | $ | 272,125 | $ | 329,910 | ||||||
| Total assets | $ | 350,000 | $ | 420,000 | ||||||
| Liabilities and Owners Equity | ||||||||||
| Current liabilities | ||||||||||
| Accounts payable | $ | 43,750 | $ | 47,250 | ||||||
| Notes payable | 24,325 | 24,780 | ||||||||
| Total | $ | 68,075 | $ | 72,030 | ||||||
| Long-term debt | $ | 35,000 | $ | 21,000 | ||||||
| Owners' equity | ||||||||||
| Common stock and paid-in surplus | $ | 42,000 | $ | 42,000 | ||||||
| Accumulated retained earnings | 204,925 | 284,970 | ||||||||
| Total | $ | 246,925 | $ | 326,970 | ||||||
| Total liabilities and owners' equity | $ | 350,000 | $ | 420,000 | ||||||
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Principles Of Auditing And Other Assurance Services
Authors: Ray Whittington, Kurt Pany
13th Edition
007232726X, 9780072327267
