Question

Chapter 03 Pre Built Problems 0 6 Just Dew it Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liablities and Owners Equity Current assets Current liabilties 3750 2478 $ 11,025 $11,970 26,670 Accounts payable Nores payable 22.225 4,325 47250 수 $ 77875 $ 90090 Total Total $ 68,075 72,030 Long-term debt $ 35,000 S21,000 Owners equty Comman stock and paid-n $ 42.000 42,0D0 surplus Retained earnings 204,925 Net plant and equipment S 272125 $329 910 Total $246,925326,970 Total assets $35000D $420,0DD Total liabilities and owners $350,000 $420000 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. Type here to search 3 6

Answer 1

	2017		2018
	$	%	$	%
Assets
Current assets:
Cash	11025	3.15%	11970	2.85%
Accounts receivable	22225	6.35%	26670	6.35%
Inventory	44625	12.75%	51450	12.25%
Total	77875	22.25%	90090	21.45%
Fixed assets:
Net plant and equipment	272125	77.75%	329910	78.55%
Total assets	350000	100.00%	420000	100.00%
Liabilities and Owners' equity
Current liabilities:
Accounts payable	43750	12.50%	47250	11.25%
Notes payable	24325	6.95%	24780	5.90%
Total	68075	19.45%	72030	17.15%
Long term debt	35000	10.00%	21000	5.00%
Owners' equity:
Common stock and paid in surplus	42000	12.00%	42000	10.00%
Accumulated retained earnings	204925	58.55%	284970	67.85%
Total	246925	70.55%	326970	77.85%
Total liabilities and owners' equity	350000	100.00%	420000	100.00%