Question

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 Owners’ Equity
	2014				2015					2014				2015
Current assets									Current liabilities
Cash	$	4,000			$	11,280			Accounts payable	$	39,040			$	48,720
Accounts receivable		14,880				20,400			Notes payable		12,960				17,280
Inventory		61,920				90,480
Total	$	80,800			$	122,160			Total	$	52,000			$	66,000
									Long-term debt	$	48,000			$	36,000
									Owners’ equity
									Common stock and paid-in surplus	$	60,000			$	60,000
									Retained earnings		160,000				318,000
Net plant and equipment	$	239,200			$	357,840			Total	$	220,000			$	378,000
Total assets	$	320,000			$	480,000			Total liabilities and owners’ equity	$	320,000			$	480,000

   

Prepare the 2015 common–base year balance sheet for Just Dew It. (Do not round intermediate calculations. Round your answers to 4 decimal places, e.g., 32.1616.)

  

	2014				2015
Assets
Current assets
Cash	$	4,000			$	11,280
Accounts receivable		14,880				20,400
Inventory		61,920				90,480
Total	$	80,800			$	122,160
Fixed assets
Net plant and equipment	$	239,200			$	357,840
Total assets	$	320,000			$	480,000
Liabilities and Owners’ Equity
Current liabilities
Accounts payable	$	39,040			$	48,720
Notes payable		12,960				17,280
Total	$	52,000			$	66,000
Long-term debt	$	48,000			$	36,000
Owners' equity
Common stock and paid-in surplus	$	60,000			$	60,000
Accumulated retained earnings		160,000				318,000
Total	$	220,000			$	378,000
Total liabilities and owners' equity	$	320,000			$	480,000

Answer 1

1. Common Base Year Balance sheet of Just Dew It Corporation 2014 Common-Size 2015 Common-SizeCommon Base Year Assets Current assets Cash Accounts receivable Inventory $4,000 14,880 61,920 1.2500% | $ | 11,280 4.6500% | $ | 20,400 19.3500% | $ | 90,480 2.3500% 4.2500% 18.8500% 2.8200 1.3710 1.4612 Total $ | 80,800 | 25.2500% | $ | 1,22,160 | 25.4500% 1.5119 Fixed assets Net plant and equipment 2,39,200 74.7500% | $ | 3,57340 74.5500% 1.4960 Total assets $ | 3,20,000 | 100.0000% | $ | 4,80,000 | 100.0000% 1.5000 Liabilities and Owners' Equity Current liabilities $39,040 $ 12,960 Accounts payable 12.2000% | $ | 48,720 10.1500% 1.2480 Notes payable 4.0500% | $ | 17,280 3.6000% 1.3333 1.2692 0.7500 Total 52,000 48,000 16.2500% | $ | 66,000 13.7500% 7.5000% 15.0000% | $ | 36,000 Long-term debt Owners' equity Common stock and paid-in surplus 60,000 Accumulated retained earnings 1,60,000 18.7500% | $ | 60,000 12.5000% 1.0000 50.0000% | $ | 3,18,000 68.7500% | $ | 378,000 100.0000% | $ | 4,80,000 | 66.2500% 1.9875 Total 2,20,000 78.7500% 1.7182 Total liabilities and owners' equity | $ | 3,20,000 | 100.0000% 1.5000