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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 2020 JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable $6,560 $8,600 16,160 22,600 61.280 74.600 2020 2021 $51,840 $ 53,000 21,600 23,600

Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets Current assets Cash Accounts receivable Inventory 2020 JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable $6,560 $8,600 16,160 22,600 61.280 74.600 2020 2021 $51,840 $ 53,000 21,600 23,600

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $6,560 $8,600 16,160 22,600 61,280 74,600 $ 84,000 $105,800 $ $ Net plant and equipment 236,000 294,200 $ $ 320,000 400,000 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Total Total liabilities and owners' equity Based on the balance sheets given for Just Dew It: a. Calculate the current ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) 2020 Long-term debt Owners' equity Common stock and paid-in surplus $40,000 $40,000 Retained earnings 174,560 253,400 b. Calculate the quick ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) c. Calculate the cash ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) d. Calculate the NWC to total assets ratio for each year. (Do not round intermediate calculations and antar normant rounded to 2 decimal plac 2021 $ 51,840 $53,000 21,600 23,600 $73,440 $76,600 $32,000 $30,000 $ 214,560 $ 293,400 $ $ 320,000 400,000
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 $6,560 $8,600 16,160 22,600 61,280 74,600 $ 84,000 $105,800 $ $ Net plant and equipment 236,000 294,200 $ $ 320,000 400,000 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Total Total liabilities and owners' equity Based on the balance sheets given for Just Dew It: a. Calculate the current ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) 2020 Long-term debt Owners' equity Common stock and paid-in surplus $40,000 $40,000 Retained earnings 174,560 253,400 b. Calculate the quick ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) c. Calculate the cash ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) d. Calculate the NWC to total assets ratio for each year. (Do not round intermediate calculations and antar normant rounded to 2 decimal plac 2021 $ 51,840 $53,000 21,600 23,600 $73,440 $76,600 $32,000 $30,000 $ 214,560 $ 293,400 $ $ 320,000 400,000
Based on the balance sheets given for Just Dew It: a. Calculate the current ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) b. Calculate the quick ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) c. Calculate the cash ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) d. Calculate the NWC to total assets ratio for each year. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) e. Calculate the debt-equity ratio and equity multiplier for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Calculate the total debt ratio and long-term debt ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) f. a. Current ratio b. Quick ratio c. Cash ratio d. NWC ratio e. Debt-equity ratio e. Equity multiplier f. Total debt ratio f. Long-term debt ratio 2020 times times times % times times times times 2021 times times times % times times times times
Transcribed Image Text:Based on the balance sheets given for Just Dew It: a. Calculate the current ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) b. Calculate the quick ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) c. Calculate the cash ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) d. Calculate the NWC to total assets ratio for each year. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) e. Calculate the debt-equity ratio and equity multiplier for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Calculate the total debt ratio and long-term debt ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) f. a. Current ratio b. Quick ratio c. Cash ratio d. NWC ratio e. Debt-equity ratio e. Equity multiplier f. Total debt ratio f. Long-term debt ratio 2020 times times times % times times times times 2021 times times times % times times times times
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> Answer is complete but not entirely correct. a. Current ratio b. Quick ratio c. Cash ratio d. NWC ratio e. Debt-equity ratio e. Equity multiplier f. Total debt ratio f. Long-term debt ratio 2020 1.14 times 0.31 times 0.09 times 3.30 % 0.49 times 1.49 times 0.33 times 0.10 x times 2021 1.38 0.41 0.11 7.30 0.36 1.36 0.27 0.08 times times times % times times times times
Transcribed Image Text:> Answer is complete but not entirely correct. a. Current ratio b. Quick ratio c. Cash ratio d. NWC ratio e. Debt-equity ratio e. Equity multiplier f. Total debt ratio f. Long-term debt ratio 2020 1.14 times 0.31 times 0.09 times 3.30 % 0.49 times 1.49 times 0.33 times 0.10 x times 2021 1.38 0.41 0.11 7.30 0.36 1.36 0.27 0.08 times times times % times times times times
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