Problem 3-13 Preparing Standardized Financial Statements [LO1] Just Dew It Corporation reports the following balance sheet Information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity Current assets Current liabilities Cash $ 9.000 $11,250 Accounts payable Accounts receivable 17,000 24,750 Notes payable Inventory 77,000 93,750 2020 2021 $ 70,000 $ 73,250 23,800 31,000 Total $ 103,000 $ 129,750 Total $ 93,800 104,250 Long-term debt $ 42,000 $ 40,000 Owners' equity Common stock and pald-in surplus $ 50,000 $ 50,000 Retained earnings 214,200 305,750 Net plant and equipment $ 297,000 $ 370,250 Total $ 264,200 355,750 Total assets $ 500.000 Total liabilities and owners' equity 400.000 S 400,000 500.000 Prepare the 2020 and 2021 common-size balance sheets for Just Dew It (Do not round Intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) 2020 %6 2021 96 Assets Current assets Cash $ 9,000 96 s % Accounts receivable 96 11,250 24,750 93,750 17.000 77,000 103,000 96 %6 96 $ 96 s 120.750 % Inventory Total Fixed assets Net plant and equipment $ 96 S 96 297,000 400.000 370.250 500.000 $ %6 $ 96 $ 70.000 % S % 96 96 $ 73,250 31,000 104,250 40.000 23.800 93,800 42.000 96 Total assets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid in surplus Retained earnings Total Total liabilities and owners' equity S 96 $ 96 S % $ 50,000 96 $ % 96 96 50.000 305,750 355.750 500.000 214,200 264,200 400.000 $ 96 S 96 $ 96 $ 996 Problem 3-13 Preparing Standardized Financial Statements [LO1] Just Dew It Corporation reports the following balance sheet Information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity Current assets Current liabilities Cash $ 9.000 $11,250 Accounts payable Accounts receivable 17,000 24,750 Notes payable Inventory 77,000 93,750 2020 2021 $ 70,000 $ 73,250 23,800 31,000 Total $ 103,000 $ 129,750 Total $ 93,800 104,250 Long-term debt $ 42,000 $ 40,000 Owners' equity Common stock and pald-in surplus $ 50,000 $ 50,000 Retained earnings 214,200 305,750 Net plant and equipment $ 297,000 $ 370,250 Total $ 264,200 355,750 Total assets $ 500.000 Total liabilities and owners' equity 400.000 S 400,000 500.000 Prepare the 2020 and 2021 common-size balance sheets for Just Dew It (Do not round Intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) 2020 %6 2021 96 Assets Current assets Cash $ 9,000 96 s % Accounts receivable 96 11,250 24,750 93,750 17.000 77,000 103,000 96 %6 96 $ 96 s 120.750 % Inventory Total Fixed assets Net plant and equipment $ 96 S 96 297,000 400.000 370.250 500.000 $ %6 $ 96 $ 70.000 % S % 96 96 $ 73,250 31,000 104,250 40.000 23.800 93,800 42.000 96 Total assets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid in surplus Retained earnings Total Total liabilities and owners' equity S 96 $ 96 S % $ 50,000 96 $ % 96 96 50.000 305,750 355.750 500.000 214,200 264,200 400.000 $ 96 S 96 $ 96 $ 996
