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.
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 |
|
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 |
|
|
|
|
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
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images