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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
$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
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
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 $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 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
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