50.1K

Verified Solution

Link Copied!

JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity Assets 2017 2017 2018 2018 Current liabilities Current assets Cash Accounts payable Notes payable S 60,750 24,075 $ 52,560 19,260 10,620 13,275 Accounts receivable Inventory 82.575 7,860 S 84,825 71,820 99,900 $125,775 Total Total $ 27,000 Long-term debt 36,000 Owners' equity Common stock and paid-in surplus Retained earnings $ 45,000 293,175 45,000 207,180 Net plant and equipment $260,100 $324,225 Total $252,180 $338,175 Total liabilities and owners' equity Total assets $360,000 $450,000 $360,000 $450,000 Prepare the 2017 and 2018 common-size balance sheets for Just Dew It. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) 2017 2018 % Assets Current assets Cash 10,620 0% 13.275 % 21,420 Accounts receivable 29.925 0% Inventory 67,860 82,575 S 99,900 Total % 125,775 % Fixed assets Net plant and equipment 260,100 324,225 % 450,000 360,000 % % Total assets Liabilities and Owners' Equity Current liabilities S Accounts payable 52,560 % 60,750 % % Notes payable 19,260 24,075 S Total 71,820 84,825 % $ Long-term debt 36,000 27,000 % Owners' equity $ 45,000 % Common stock and paid-in surplus 45,000 % Accumulated retained earnings 207,180 293,175 % 338.175 Total 252.180 % % S Total liabilities and owners' equity 360,000 450,000 %

Answer & Explanation Solved by verified expert

See Answer