Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. ...
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Accounting
| Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. |
| JUST DEW IT CORPORATION | |||||
|---|---|---|---|---|---|
| 2020 and 2021 Balance Sheets | |||||
| Assets | 2020 | 2021 | Liabilities and Owners Equity | 2020 | 2021 |
| Current assets | Current liabilities | ||||
| Cash | $ 6,600 | $ 12,750 | Accounts payable | $ 50,000 | $ 68,750 |
| Accounts receivable | 12,200 | 14,250 | Notes payable | 19,000 | 35,500 |
| Inventory | 78,200 | 95,250 | |||
| Total | $ 97,000 | $ 122,250 | Total | $ 69,000 | $ 104,250 |
| Long-term debt | $ 48,000 | $ 45,000 | |||
| Owners equity | |||||
| Common stock and paid-in surplus | $ 50,000 | $ 50,000 | |||
| Retained earnings | 233,000 | 300,750 | |||
| Net plant and equipment | $ 303,000 | $ 377,750 | Total | $ 283,000 | $ 350,750 |
| Total assets | $ 400,000 | $ 500,000 | Total liabilities and owners equity | $ 400,000 | $ 500,000 |
| 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.) |
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