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1. Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 2020 Current assets Liabilities and Owners' Equity Current liabilities Cash Accounts receivable Inventory $ 14,588 35,258 65,567 $ 17,631 41,019 Accounts payable Notes payable 2020 $55,653 21,895 2021 $ 63,073 25,324 71,505 Total $ 115,413 $ 130,155 Total Long-term debt $ 77,548 $ 88,397 $58,000 $ 62,000 Owners' equity Common stock and paid-in surplus Retained earnings $60,000 397,278 $60,000 418,179 Net plant and equipment Total assets $477,413 $592,826 $498,421 Total $457,278 $478,179 $628,576 Total liabilities and owners' equity $592,826 $628,576 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. Current assets Cash Accounts receivable Inventory 2020 2021 Change Source / Use Assets $14,588 $17,631 35,258 41,019 65,567 71,505 $115,413 $130,155 Total Fixed assets Net plant and equipment $477,413 $498,421 Total assets $592,826 $628,576 Liabilities and Owners' Equity Current liabilities Accounts payable $55,653 $63,073 Notes payable 21,895 25,324 Total $77,548 $88,397 Long-term debt $58,000 $62,000 Owners' equity Common stock and paid-in surplus $60,000 $60,000 Accumulated retained earnings 397,278 418,179 Total $457,278 $478,179 Total liabilities and owners' equity $592,826 $628,576

1. Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 2020 Current assets Liabilities and Owners' Equity Current liabilities Cash Accounts receivable Inventory $ 14,588 35,258 65,567 $ 17,631 41,019 Accounts payable Notes payable 2020 $55,653 21,895 2021 $ 63,073 25,324 71,505 Total $ 115,413 $ 130,155 Total Long-term debt $ 77,548 $ 88,397 $58,000 $ 62,000 Owners' equity Common stock and paid-in surplus Retained earnings $60,000 397,278 $60,000 418,179 Net plant and equipment Total assets $477,413 $592,826 $498,421 Total $457,278 $478,179 $628,576 Total liabilities and owners' equity $592,826 $628,576 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. Current assets Cash Accounts receivable Inventory 2020 2021 Change Source / Use Assets $14,588 $17,631 35,258 41,019 65,567 71,505 $115,413 $130,155 Total Fixed assets Net plant and equipment $477,413 $498,421 Total assets $592,826 $628,576 Liabilities and Owners' Equity Current liabilities Accounts payable $55,653 $63,073 Notes payable 21,895 25,324 Total $77,548 $88,397 Long-term debt $58,000 $62,000 Owners' equity Common stock and paid-in surplus $60,000 $60,000 Accumulated retained earnings 397,278 418,179 Total $457,278 $478,179 Total liabilities and owners' equity $592,826 $628,576

Financial Reporting, Financial Statement Analysis and Valuation
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter12: Valuation: Cash-flow Based Approaches
Section: Chapter Questions
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1. Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 2020 Current assets Liabilities and Owners' Equity Current liabilities Cash Accounts receivable Inventory $ 14,588 35,258 65,567 $ 17,631 41,019 Accounts payable Notes payable 2020 $55,653 21,895 2021 $ 63,073 25,324 71,505 Total $ 115,413 $ 130,155 Total Long-term debt $ 77,548 $ 88,397 $58,000 $ 62,000 Owners' equity Common stock and paid-in surplus Retained earnings $60,000 397,278 $60,000 418,179 Net plant and equipment Total assets $477,413 $592,826 $498,421 Total $457,278 $478,179 $628,576 Total liabilities and owners' equity $592,826 $628,576 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.
Transcribed Image Text:1. Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 2020 Current assets Liabilities and Owners' Equity Current liabilities Cash Accounts receivable Inventory $ 14,588 35,258 65,567 $ 17,631 41,019 Accounts payable Notes payable 2020 $55,653 21,895 2021 $ 63,073 25,324 71,505 Total $ 115,413 $ 130,155 Total Long-term debt $ 77,548 $ 88,397 $58,000 $ 62,000 Owners' equity Common stock and paid-in surplus Retained earnings $60,000 397,278 $60,000 418,179 Net plant and equipment Total assets $477,413 $592,826 $498,421 Total $457,278 $478,179 $628,576 Total liabilities and owners' equity $592,826 $628,576 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.
Current assets Cash Accounts receivable Inventory 2020 2021 Change Source / Use Assets $14,588 $17,631 35,258 41,019 65,567 71,505 $115,413 $130,155 Total Fixed assets Net plant and equipment $477,413 $498,421 Total assets $592,826 $628,576 Liabilities and Owners' Equity Current liabilities Accounts payable $55,653 $63,073 Notes payable 21,895 25,324 Total $77,548 $88,397 Long-term debt $58,000 $62,000 Owners' equity Common stock and paid-in surplus $60,000 $60,000 Accumulated retained earnings 397,278 418,179 Total $457,278 $478,179 Total liabilities and owners' equity $592,826 $628,576
Transcribed Image Text:Current assets Cash Accounts receivable Inventory 2020 2021 Change Source / Use Assets $14,588 $17,631 35,258 41,019 65,567 71,505 $115,413 $130,155 Total Fixed assets Net plant and equipment $477,413 $498,421 Total assets $592,826 $628,576 Liabilities and Owners' Equity Current liabilities Accounts payable $55,653 $63,073 Notes payable 21,895 25,324 Total $77,548 $88,397 Long-term debt $58,000 $62,000 Owners' equity Common stock and paid-in surplus $60,000 $60,000 Accumulated retained earnings 397,278 418,179 Total $457,278 $478,179 Total liabilities and owners' equity $592,826 $628,576
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