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Assets Current assets Cash Accounts receivable Inventory Total 2020 Total assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities $ 6,600 $ 15,250 26,600 29,750 75,800 92,250 $ 109,000 $137,250 Net plant and equipment $291,000 $362,750 Accounts payable Notes payable Total Total 2020 $ 400,000 $500,000 Total liabilities and owners' equity $62,400 $ 65,750 26,400 31,500 Long-term debt Owners' equity Common stock and paid-in surplus $52,000 $ 52,000 Retained earnings 209,200 310,750 2021 $ 88,800 $97,250 $50,000 $40,000 $ 261,200 $ 400,000 $ 362,750 $ 500,000

Assets Current assets Cash Accounts receivable Inventory Total 2020 Total assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities $ 6,600 $ 15,250 26,600 29,750 75,800 92,250 $ 109,000 $137,250 Net plant and equipment $291,000 $362,750 Accounts payable Notes payable Total Total 2020 $ 400,000 $500,000 Total liabilities and owners' equity $62,400 $ 65,750 26,400 31,500 Long-term debt Owners' equity Common stock and paid-in surplus $52,000 $ 52,000 Retained earnings 209,200 310,750 2021 $ 88,800 $97,250 $50,000 $40,000 $ 261,200 $ 400,000 $ 362,750 $ 500,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Just Dew It Corporation reports the following balance sheet information for 2020 and 2021.

Prepare the 2021 combined common-size, 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.)

Assets Current assets Cash Accounts receivable Inventory Total 2020 Total assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 $ 6,600 $ 15,250 29,750 26,600 75,800 92,250 $ 109,000 $137,250 Net plant and equipment $291,000 $362,750 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Total 2020 $400,000 $500,000 Total liabilities and owners' equity $62,400 $ 65,750 26,400 31,500 Long-term debt Owners' equity Common stock and paid-in surplus $52,000 $ 52,000 Retained earnings 209,200 310,750 2021 $ 88,800 $97,250 $50,000 $40,000 $ 261,200 $ 400,000 $ 362,750 $ 500,000
Transcribed Image Text:Assets Current assets Cash Accounts receivable Inventory Total 2020 Total assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 $ 6,600 $ 15,250 29,750 26,600 75,800 92,250 $ 109,000 $137,250 Net plant and equipment $291,000 $362,750 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Total 2020 $400,000 $500,000 Total liabilities and owners' equity $62,400 $ 65,750 26,400 31,500 Long-term debt Owners' equity Common stock and paid-in surplus $52,000 $ 52,000 Retained earnings 209,200 310,750 2021 $ 88,800 $97,250 $50,000 $40,000 $ 261,200 $ 400,000 $ 362,750 $ 500,000
Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets 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 $ $ LA GA $ $ $ $ A LA $ $ $ $ 2020 6,600 $ 26,600 75,800 109,000 $ 291,000 $ 400,000 $ 62,400 $ 26,400 88,800 $ 50,000 $ 52,000 $ 209,200 261,200 $ 400,000 $ 2021 15,250 29,750 92,250 137,250 362,750 500,000 65,750 31,500 97,250 40,000 52,000 310,750 362,750 500,000
Transcribed Image Text:Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets 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 $ $ LA GA $ $ $ $ A LA $ $ $ $ 2020 6,600 $ 26,600 75,800 109,000 $ 291,000 $ 400,000 $ 62,400 $ 26,400 88,800 $ 50,000 $ 52,000 $ 209,200 261,200 $ 400,000 $ 2021 15,250 29,750 92,250 137,250 362,750 500,000 65,750 31,500 97,250 40,000 52,000 310,750 362,750 500,000
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