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Problem 3-13 Preparing Standardized Financial Statements [LO1] Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets Current assets Cash Accounts receivable Inventory Total Total assets Net plant and equipment $315,000 $343,860 Current assets Cash 2020 Assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities Accounts receivable Inventory Total $14,200 $18,260 19,000 51,800 54,780 23,100 $85,000 $96,140 $ $ 400,000 440,000 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.) $ $ Accounts payable Notes payable 14,200 19,000 51,800 85.000 Total Total liabilities and owners' equity 2020 Total Long-term debt Owners' equity Common stock and paid-in surplus $44,000 $4,000 Retained earnings 242,200 287,100 % % $ % % 0/ 6 2021 2020 18,260 23,100 54,780 $58,400 $ 61,820 23,400 25,080 2021 $81,800 $86,900 $32,000 $22,000 $ 286,200 % $ $ 400,000 440,000 % % % $ 331,100

Problem 3-13 Preparing Standardized Financial Statements [LO1] Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets Current assets Cash Accounts receivable Inventory Total Total assets Net plant and equipment $315,000 $343,860 Current assets Cash 2020 Assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 Liabilities and Owners' Equity Current liabilities Accounts receivable Inventory Total $14,200 $18,260 19,000 51,800 54,780 23,100 $85,000 $96,140 $ $ 400,000 440,000 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.) $ $ Accounts payable Notes payable 14,200 19,000 51,800 85.000 Total Total liabilities and owners' equity 2020 Total Long-term debt Owners' equity Common stock and paid-in surplus $44,000 $4,000 Retained earnings 242,200 287,100 % % $ % % 0/ 6 2021 2020 18,260 23,100 54,780 $58,400 $ 61,820 23,400 25,080 2021 $81,800 $86,900 $32,000 $22,000 $ 286,200 % $ $ 400,000 440,000 % % % $ 331,100

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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Problem 3-13 Preparing Standardized Financial Statements [LO1] Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets Current assets Cash Accounts receivable Inventory Total Total assets Net plant and equipment $315,000 $343,860 Current assets Cash Assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 2020 $14,200 $18,260 19,000 23,100 51,800 54,780 $85,000 $96,140 Accounts receivable Inventory Total 400,000 $ $ 440,000 $ Liabilities and Owners' Equity Current liabilities 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.) 14,200 19,000 51,800 85.000 Accounts payable Notes payable Total Total 2020 Total liabilities and owners' equity Long-term debt Owners' equity Common stock and paid-in surplus $44,000 $4,000 Retained earnings 242,200 287,100 % % $ % % 0/ I 2021 2020 18,260 23,100 54,780 $58,400 $61,820 23,400 25,080 $81,800 $86,900 $32,000 $22,000 2021 286,200 % 400,000 440,000 % % % $ 331,100
Transcribed Image Text:Problem 3-13 Preparing Standardized Financial Statements [LO1] Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets Current assets Cash Accounts receivable Inventory Total Total assets Net plant and equipment $315,000 $343,860 Current assets Cash Assets JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 2020 $14,200 $18,260 19,000 23,100 51,800 54,780 $85,000 $96,140 Accounts receivable Inventory Total 400,000 $ $ 440,000 $ Liabilities and Owners' Equity Current liabilities 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.) 14,200 19,000 51,800 85.000 Accounts payable Notes payable Total Total 2020 Total liabilities and owners' equity Long-term debt Owners' equity Common stock and paid-in surplus $44,000 $4,000 Retained earnings 242,200 287,100 % % $ % % 0/ I 2021 2020 18,260 23,100 54,780 $58,400 $61,820 23,400 25,080 $81,800 $86,900 $32,000 $22,000 2021 286,200 % 400,000 440,000 % % % $ 331,100
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