Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

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

image text in transcribed
image text in transcribed
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 Current assets Current liabilities Cash $ 14,200 $ 18,260 Accounts payable $ 58,400 Accounts 19,000 23,100 Notes payable 23,400 receivable Inventory 51,800 54,780 2018 $ 61,820 25,080 Total -$ 85,000 $ 96,140 Total $ 81,800 $ 86,900 Long-term debt $ 32,000 $ 22,000 Owners' equity Common stock and paid in surplus Retained earnings $ 44,000 242,200 $ 44,000 287100 Net plant and equipment $ 315,000 $343,860 Total $286.200 $ 331,100 Total assets $400.000 $440,000 Total liabilities and owners equity $400.000 $440,000 For each account on this company's balance sheet, show the change in the account during 2018 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. A negative answer should be indicated by a minus sign.) 2017 Sources/Uses 2018 Assets Current assets $ $ 14,200 19,000 51,800 85,000 18,260 23,100 54,780 96,140 $ $ $ 315,000 400,000 343,860 440,000 $ $ Cash 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 Tntal liabilities and ware' onnu s on 58,400 23,400 81,800 32,000 61,820 25,080 86,900 22,000 on S S $ 44,000 242,200 286,200 ann non 44,000 287,100 331,100 44nnnn S S

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