Question

Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Assets Liabilities and Owners’ Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 6,560 $ 8,600 Accounts payable $ 51,840 $ 53,000 Accounts receivable 16,160 22,600 Notes payable 21,600 23,600 Inventory 61,280 74,600 Total $ 84,000 $ 105,800 Total $ 73,440 $ 76,600 Long-term debt $ 32,000 $ 30,000 Owners’ equity Common stock and paid-in surplus $ 40,000 $ 40,000 Retained earnings 174,560 253,400 Net plant and equipment $ 236,000 $ 294,200 Total $ 214,560 $ 293,400 Total assets $ 320,000 $ 400,000 Total liabilities and owners’ equity $ 320,000 $ 400,000 Prepare the 2018 common-base year balance sheet for Just Dew It. (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.)

Answer 1

Answer:

Explanation:

Assets 2014 2015 Var

Cash  4,000   11,280   1,8200  

Accounts Receivable  14,880   20,400   0,3710  

Inventory  61,920   90,480   0,4612  

TOTAL CURRENT ASSETS   80,800   122,160   0,5119  

Property and Equipment  239,200   357,840   0,4960  

TOTAL ASSETS   320,000   480,000   0,5000  

Accounts Payable   39,040   48,720   0,2480  

Notes Payable   12,960   17,280   0,3333  

 TOTAL CURRENT LIABILITIES   52,000   66,000   0,2692  

Long Term Loan   48,000   36,000  -0,2500  

TOTAL LIABILITIES   100,000   102,000   0,0200  

Stockholders' Equity   60,000   60,000   -    

Retained Earnings   160,000   318,000   0,9875

TOTAL EQUITY   220,000   378,000   0,7182  

TOTAL EQUITY & LIABILITIES   320,000   480,000   0,5000