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 cah. Do your numbers add up and make sense? Explain your answer for total assets as compared to your answer for total liabilities and owners' equity.
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 cah. Do your numbers add up and make sense? Explain your answer for total assets as compared to your answer for total liabilities and owners' equity.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For each account on this company's

Transcribed Image Text:Assets
Current assets
Cash
Accounts receivable
Inventory
Total
Net plant and equipment
Total assets
JUST DEW IT CORPORATION
2020 and 2021 Balance Sheets
2021
Current liabilities
Liabilities and Owners' Equity
2020
2021
$55,653
$63,073
21,895
25,324
$77,548 $88,397
$58,000
$62,000
$60,000
$60,000
397,278
418,179
$457,278
$478,179
$592,826
$628,576
2020
$14,588
$17,631
35,258
41,019
65,567
71,505
$115,413 $130,155
Common stock and paid-in surplus
Retained earnings
$477,413 $498,421
Total
$592,826 $628,576 Total liabilities and owners' equity
Accounts payable
Notes payable
Total
Long-term debt
Owners' equity
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