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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.)

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.)

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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2020 % 2021 % Assets Current assets Cash $ 14,588 Accounts receivable 35,258 % [ % $ 17,631 41,019 Inventory 65,567 % 71,505 Total $ 115,413 % $ 130,155 do do do do % % % % Fixed assets Net plant and equipment $ 477,413 % $ 498,421 % Total assets $ 592,826 % $ 628,576 % Liabilities and Owners' Equity Current liabilities Accounts payable $ 55,653 % $ 63,073 % Notes payable 21,895 % 25,324 % Total $ 77,548 % $ 88,397 % Long-term debt $ 58,000 % $ 62,000 % Owners' equity Common stock and paid-in surplus $ 60,000 1 % $ 60,000 % Accumulated retained earnings 397,278 % 418,179 % Total $ 457,278 % $ 478,179 % Total liabilities and owners' equity $ 592,286 % $ 628,576 %
Transcribed Image Text:2020 % 2021 % Assets Current assets Cash $ 14,588 Accounts receivable 35,258 % [ % $ 17,631 41,019 Inventory 65,567 % 71,505 Total $ 115,413 % $ 130,155 do do do do % % % % Fixed assets Net plant and equipment $ 477,413 % $ 498,421 % Total assets $ 592,826 % $ 628,576 % Liabilities and Owners' Equity Current liabilities Accounts payable $ 55,653 % $ 63,073 % Notes payable 21,895 % 25,324 % Total $ 77,548 % $ 88,397 % Long-term debt $ 58,000 % $ 62,000 % Owners' equity Common stock and paid-in surplus $ 60,000 1 % $ 60,000 % Accumulated retained earnings 397,278 % 418,179 % Total $ 457,278 % $ 478,179 % Total liabilities and owners' equity $ 592,286 % $ 628,576 %
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets 2020 2021 Current assets Cash $ 14,588 $ 17,631 Accounts receivable Inventory 35,258 65,567 41,019 JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable 71,505 Total $ 115,413 $130,155 Total Long-term debt Owners' equity 2020 2021 $55,653 $63,073 21,895 25,324 $77,548 $88,397 $58,000 $62,000 Common stock and paid-in surplus $60,000 $60,000 Retained earnings Net plant and equipment $477,413 $498,421 Total 397,278 418,179 $457,278 $478,179 $ Total assets $ 628,576 Total liabilities and owners' equity 592,826 $ $ 592,826 628,576 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.)
Transcribed Image Text:Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets 2020 2021 Current assets Cash $ 14,588 $ 17,631 Accounts receivable Inventory 35,258 65,567 41,019 JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable 71,505 Total $ 115,413 $130,155 Total Long-term debt Owners' equity 2020 2021 $55,653 $63,073 21,895 25,324 $77,548 $88,397 $58,000 $62,000 Common stock and paid-in surplus $60,000 $60,000 Retained earnings Net plant and equipment $477,413 $498,421 Total 397,278 418,179 $457,278 $478,179 $ Total assets $ 628,576 Total liabilities and owners' equity 592,826 $ $ 592,826 628,576 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.)
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