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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please show proper steps and explain the steps also.
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
%
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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