Problem 3-14 Preparing Standardized Financial Statements [LO1]

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				2018
Current assets									Current liabilities
Cash	$	8,250			$	12,240			Accounts payable	$	43,500			$	48,240
Accounts receivable		34,500				40,560			Notes payable		29,625				32,160
Inventory		58,500				86,160
Total	$	101,250			$	138,960			Total	$	73,125			$	80,400
									Long-term debt	$	45,000			$	36,000
									Owners equity
									Common stock and paid-in surplus	$	60,000			$	60,000
									Retained earnings		196,875				303,600
Net plant and equipment	$	273,750			$	341,040			Total	$	256,875			$	363,600
Total assets	$	375,000			$	480,000			Total liabilities and owners equity	$	375,000			$	480,000

Prepare the 2018 common-base year balance sheet for Just Dew It. (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.)

2017 2018 Assets Current assets Cash $ 8,250 $ 12,240 Accounts receivable 34,500 40,560 86,160 Inventory Total 58,500 101,250 $ $ 138,960 $ 273,750 $ 341,040 Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity $ 375,000 $ 480,000 Current liabilities $ 43,500 $ 48,240 $ 29,625 $ 32,160 $ 73,125 $ 80,400 Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 45,000 $ 36,000 $ 60,000 $ 60,000 303,600 196,875 256,875 Total $ AA 363,600 480,000 Total liabilities and owners' equity $ 375,000