Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Assets

image text in transcribedimage text in transcribed

Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Assets 2020 2020 2021 Liabilities and Owners' Equity Current liabilities Current assets Cash $8,850 $14,200 Accounts payable Notes payable $ 37,500 $ 46,600 11,850 Accounts receivable 15,750 23,000 19,400 Inventory 34,650 52,200 Total $ 59,250 $89,400 Total $ 49,350 $ 66,000 Long-term debt $ 27,000 $ 24,000 Owners' equity Common stock and paid-in surplus $ 45,000 $ 45,000 Retained earnings 178,650 265,000 Net plant and equipment $ 240,750 $ 310,600 Total $ 223,650 310,000 $ $ Total assets Total liabilities and owners' equity $ 300,000 400,000 300,000 400,000 For each account on this company's 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.) Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Current liabilities Liabilities and Owners' Equity Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings Total Total liabilities and owners' equity 2020 8,850 $ $ 15,750 34,650 $ 59,250 $ 240,750 $ 300,000 $ 37,500 11,850 $ 49,350 $ 27,000 $ 45,000 178,650 $ 223,650 $ 300,000 2 Sources/Uses 2021 14,200 23,000 52,200 $ 89,400 $ 310,600 $ 400,000 $ 46,600 19,400 $ 66,000 $ 24,000 $ 45,000 265,000 $ 310,000 $ 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

More Books

Students also viewed these Accounting questions

Question

2. What are the components of IT infrastructure?

Answered: 1 week ago