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28 Sep 2019
Just Dew It Corporation reports the following balance sheet information for 2014 and 2015.
JUST DEW IT CORPORATION
2014 and 2015 Balance Sheets
Assets Liabilities and Ownersâ Equity 2014 2015 2014 2015 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 Ownersâ 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 ownersâ equity $ 400,000 $ 500,000
Prepare the 2014 and 2015 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.)
2014 2015 Assets Current assets Cash $ 6,600 % $ 12,750 % Accounts receivable 12,200 % 14,250 % Inventory 78,200 % 95,250 % Total $ 97,000 % $ 122,250 % Fixed assets Net plant and equipment $ 303,000 % $ 377,750 % Total assets $ 400,000 % $ 500,000 % Liabilities and Ownersâ Equity Current liabilities Accounts payable $ 50,000 % $ 68,750 % Notes payable 19,000 % 35,500 % Total $ 69,000 % $ 104,250 % Long-term debt $ 48,000 % $ 45,000 % Owners' equity Common stock and paid-in surplus $ 50,000 % $ 50,000 % Accumulated retained earnings 233,000 % 300,750 % Total $ 283,000 % $ 350,750 % Total liabilities and owners' equity $ 400,000 % $ 500,000 %
Just Dew It Corporation reports the following balance sheet information for 2014 and 2015. |
JUST DEW IT CORPORATION 2014 and 2015 Balance Sheets | ||||||||||||||||
Assets | Liabilities and Ownersâ Equity | |||||||||||||||
2014 | 2015 | 2014 | 2015 | |||||||||||||
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 | ||||||||||||
Ownersâ 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 ownersâ equity | $ | 400,000 | $ | 500,000 | |||||||
Prepare the 2014 and 2015 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.) |
2014 | 2015 | ||||||||||||
Assets | |||||||||||||
Current assets | |||||||||||||
Cash | $ | 6,600 | % | $ | 12,750 | % | |||||||
Accounts receivable | 12,200 | % | 14,250 | % | |||||||||
Inventory | 78,200 | % | 95,250 | % | |||||||||
Total | $ | 97,000 | % | $ | 122,250 | % | |||||||
Fixed assets | |||||||||||||
Net plant and equipment | $ | 303,000 | % | $ | 377,750 | % | |||||||
Total assets | $ | 400,000 | % | $ | 500,000 | % | |||||||
Liabilities and Ownersâ Equity | |||||||||||||
Current liabilities | |||||||||||||
Accounts payable | $ | 50,000 | % | $ | 68,750 | % | |||||||
Notes payable | 19,000 | % | 35,500 | % | |||||||||
Total | $ | 69,000 | % | $ | 104,250 | % | |||||||
Long-term debt | $ | 48,000 | % | $ | 45,000 | % | |||||||
Owners' equity | |||||||||||||
Common stock and paid-in surplus | $ | 50,000 | % | $ | 50,000 | % | |||||||
Accumulated retained earnings | 233,000 | % | 300,750 | % | |||||||||
Total | $ | 283,000 | % | $ | 350,750 | % | |||||||
Total liabilities and owners' equity | $ | 400,000 | % | $ | 500,000 | % | |||||||
Keith LeannonLv2
28 Sep 2019