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 $11,000 $14,250 27,000 36,750 75,000 96,250 $113,000 $147,250 Net plant and equipment $ 287,000 $352,750 $ $ 400,000 500,000 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Total Total liabilities and owners' equity 2020 Prepare the 2020 and 2021 common-size balance sheets for Just Dew It. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Long-term debt Owners' equity Common stock and paid-in surplus $ 55,000 $ 55,000 Retained earnings 226,200 320,750 2021 $54,000 $63,750 14,800 20,500 $68,800 $84,250 $50,000 $40,000 $281,200 $ 375,750 $ $ 400,000 500,000

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 $11,000 $14,250 27,000 36,750 75,000 96,250 $113,000 $147,250 Net plant and equipment $ 287,000 $352,750 $ $ 400,000 500,000 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Total Total liabilities and owners' equity 2020 Prepare the 2020 and 2021 common-size balance sheets for Just Dew It. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Long-term debt Owners' equity Common stock and paid-in surplus $ 55,000 $ 55,000 Retained earnings 226,200 320,750 2021 $54,000 $63,750 14,800 20,500 $68,800 $84,250 $50,000 $40,000 $281,200 $ 375,750 $ $ 400,000 500,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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