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Current assets Cash Accounts receivable Inventory Total Fixed assets Assets Net plant and equipment 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 $ $ $ $ $ $ $ $ 2020 10,200 $ 30,200 74,600 115,000 $ 285,000 $ 400,000 $ 46,000 $ 27,800 73,800 $ 40,000 $ 60,000 $ 2021 13,200 38,640 87,120 138,960 341,040 480,000 62,160 33,120 95,280 36,000 60,000 226,200 288,720 $ 286,200 $ 348,720 $ 400,000 $ 480,000

Current assets Cash Accounts receivable Inventory Total Fixed assets Assets Net plant and equipment 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 $ $ $ $ $ $ $ $ 2020 10,200 $ 30,200 74,600 115,000 $ 285,000 $ 400,000 $ 46,000 $ 27,800 73,800 $ 40,000 $ 60,000 $ 2021 13,200 38,640 87,120 138,960 341,040 480,000 62,160 33,120 95,280 36,000 60,000 226,200 288,720 $ 286,200 $ 348,720 $ 400,000 $ 480,000

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.)

Current assets Cash Accounts receivable Inventory Total Fixed assets Assets Net plant and equipment 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 $ $ $ $ $ $ $ $ 2020 10,200 $ 30,200 74,600 115,000 $ 285,000 $ 400,000 $ 46,000 $ 27,800 73,800 40,000 $ 60,000 $ 226,200 286,200 400,000 $ 2021 13,200 38,640 87,120 138,960 341,040 480,000 62,160 33,120 95,280 36,000 60,000 288,720 348,720 480,000
Transcribed Image Text:Current assets Cash Accounts receivable Inventory Total Fixed assets Assets Net plant and equipment 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 $ $ $ $ $ $ $ $ 2020 10,200 $ 30,200 74,600 115,000 $ 285,000 $ 400,000 $ 46,000 $ 27,800 73,800 40,000 $ 60,000 $ 226,200 286,200 400,000 $ 2021 13,200 38,640 87,120 138,960 341,040 480,000 62,160 33,120 95,280 36,000 60,000 288,720 348,720 480,000
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. 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 Accounts payable Notes payable $10,200 $13,200 30,200 38,640 74,600 87,120 $ 115,000 $138,960 Total Net plant and equipment $285,000 $341,040 Total 2020 $400,000 $ 480,000 Total liabilities and owners' equity $ 46,000 27,800 Long-term debt Owners' equity Common stock and paid-in surplus $60,000 $60,000 Retained earnings 226,200 288,720 2021 $73,800 $ 95,280 $40,000 $36,000 $ 286,200 $62,160 33,120 $ 400,000 $ 348,720 480,000
Transcribed Image Text:Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. 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 Accounts payable Notes payable $10,200 $13,200 30,200 38,640 74,600 87,120 $ 115,000 $138,960 Total Net plant and equipment $285,000 $341,040 Total 2020 $400,000 $ 480,000 Total liabilities and owners' equity $ 46,000 27,800 Long-term debt Owners' equity Common stock and paid-in surplus $60,000 $60,000 Retained earnings 226,200 288,720 2021 $73,800 $ 95,280 $40,000 $36,000 $ 286,200 $62,160 33,120 $ 400,000 $ 348,720 480,000
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