Question

JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets
Assets									Liabilities and Owners’ Equity
	2017				2018					2017				2018
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 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 Accounts receivable Inventory Total 6,600 12,200 78,200 97,000 12,750 14,250 95,250 122,250 Fixed assets Net plant and equipment $303,000 $400,000 377,750 500,000 Total assets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total 50,000 19,000 $69,000 48,000 68,750 35,500 104,250 45,000 Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings Total 50,000 233,000 $283,000 $400,000 50,000 300,750 350,750 500,000 Total liabilities and owners' equity

Answer 1

	2017	%	2018	%
Assets
CURRENT ASSETS:
Cash	$                              6,600	1.65%	$                    12,750	2.55%
Account Receivable	$                            12,200	3.05%	$                    14,250	2.85%
Inventory	$                            78,200	19.55%	$                    95,250	19.05%
Total	$                            97,000	24.25%	$                1,22,250	24.45%
Net Plant and Equipment	$                        3,03,000	75.75%	$                3,77,750	75.55%
Total Assets	$                        4,00,000	100%	$                5,00,000	100%
LIABILITIES & Onwer'S Equity
Account Payable	$                            50,000	12.50%	$                    68,750	13.75%
Notes Payable	$                            19,000	4.75%	$                    35,500	7.10%
Total	$                            69,000	17.25%	$                1,04,250	20.85%
Long Term Debt	$                            48,000	12.00%	$                    45,000	9.00%
Owner's Equity
Common Stock and paid in Surplus	$                            50,000	12.50%	$                    50,000	10.00%
Accumulated Retained Earnings	$                        2,33,000	58.25%	$                3,00,750	60.15%
Total	$                        2,83,000	70.75%	$                3,50,750	70.15%
Total Liability and owner's Equity	$                        4,00,000	100%	$                5,00,000	100%