Just Dew It Corporation 2018 and 2019 Balance Sheets Assets Liabilities and Owner’s Equity   2018 2019   2018 2019 Current Assets     Current Liabilities     Cash $11,135 $13,407 Accounts payable $45,166 $48,185 Accounts Receivable  28,419  30,915 Notes payable  17,773  18,257 Inventory  51,163  56,295 Total $62,939 $66,442 Total $90,717 $100,617             Long term debt $44,000 $39,000                   Owners’ equity     Net plant and equipment $326,456 $357,560 Common stock and paid-in surplus $50,000 $50,000       Retained earnings  260,234  302,735       Total $310,234 $352,735             Total assets $417,173 $458,177 Total liabilities and owners’ equity $417,173 $458,177 For each account on this company’s balance sheet, show the change in the account during 2019 and note whether this change was a source or use of cash. 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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Just Dew It Corporation

2018 and 2019 Balance Sheets

Assets

Liabilities and Owner’s Equity

 

2018

2019

 

2018

2019

Current Assets

 

 

Current Liabilities

 

 

Cash

$11,135

$13,407

Accounts payable

$45,166

$48,185

Accounts Receivable

 28,419

 30,915

Notes payable

 17,773

 18,257

Inventory

 51,163

 56,295

Total

$62,939

$66,442

Total

$90,717

$100,617

 

 

 

 

 

 

Long term debt

$44,000

$39,000

 

 

 

 

 

 

 

 

 

Owners’ equity

 

 

Net plant and equipment

$326,456

$357,560

Common stock and paid-in surplus

$50,000

$50,000

 

 

 

Retained earnings

 260,234

 302,735

 

 

 

Total

$310,234

$352,735

 

 

 

 

 

 

Total assets

$417,173

$458,177

Total liabilities and owners’ equity

$417,173

$458,177

For each account on this company’s balance sheet, show the change in the account during 2019 and note whether this change was a source or use of cash. 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.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Cash Flow Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education