3 Problem 3-13 Preparing Standardized Financial Statements [LO1]Just Dew It Corporation reports the following balance sheet information for 2020 and2021.AssetsCurrent assetsCashAccounts receivableInventoryTotalTotal assetsNet plant and equipment $315,000 $343,860Current assetsCashAssetsJUST DEW IT CORPORATION2020 and 2021 Balance Sheets20212020$14,200 $18,26019,000 23,10051,800 54,780$85,000 $96,140Accounts receivableInventoryTotal400,000$$440,000$Liabilities and Owners' EquityCurrent liabilitiesPrepare the 2020 and 2021 common-size balance sheets for Just Dew It. (Do not roundintermediate calculations and enter your answers as a percent rounded to 2 decimalplaces, e.g., 32.16.)14,20019,00051,80085.000Accounts payableNotes payableTotalTotal2020Total liabilities and owners' equityLong-term debtOwners' equityCommon stock and paid-in surplus $44,000 $4,000Retained earnings242,200 287,100%% $%%0/I2021202018,26023,10054,780$58,400 $61,82023,400 25,080$81,800 $86,900$32,000 $22,0002021286,200%400,000 440,000%%%$ 331,100

Balance sheet is known as Statement of financial position.. It is one of the part of the financial…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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