Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Just Dew It Corporation reports the following balance sheet information for 2 0 2 0 and 2 0 2 1 . JUST DEW IT CORPORATION

Just Dew It Corporation reports the following balance sheet information for 2020 and 2021.
JUST DEW IT CORPORATION
2020 and 2021 Balance Sheets
Assets 20202021 Liabilities and Owners Equity 20202021
Current assets Current liabilities
Cash $ 14,588 $ 17,631 Accounts payable $ 55,653 $ 63,073
Accounts receivable 35,25841,019 Notes payable 21,89525,324
Inventory 65,56771,505
Total $ 115,413 $ 130,155 Total $ 77,548 $ 88,397
Long-term debt $ 58,000 $ 62,000
Owners equity
Common stock and paid-in surplus $ 60,000 $ 60,000
Retained earnings 397,278418,179
Net plant and equipment $ 477,413 $ 498,421 Total $ 457,278 $ 478,179
Total assets $ 592,826 $ 628,576 Total liabilities and owners equity $ 592,826 $ 628,576
For each account on this companys balance sheet, show the change in the account during 2021 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.)

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

Dividend Growth Investing Machine

Authors: Andrew P.C.

1st Edition

1521728461, 978-1521728468

More Books

Students also viewed these Finance questions