Problem 3-17 Calculating Financial Ratios (LO2) Just Dew It Corporation reports the following balance sheet information for 2020 and 2021 2020 2020 2021 Assets Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities $ 11,970 Accounts payable 26,670 Notes payable 51,450 $ 11,025 22,225 44.625 $ 43,750 $ 47,250 24,325 24.780 Total $ 77,875 $ 90,090 Total $ 68,075 $ 72,030 Long-term debt $ 35,000 $ 21,000 Owners' equity Common stock and paid-in surplus $ 42,000 $ 42,000 Retained earnings 204,925 284,970 $ Total 246,925 326,970 Net plant and equipment $ 272,125 $ 329,910 Total assets Total liabilities and owners' equity 350,000 420,000 350,000 420,000