Question

Just Dew It Corporation reports the following balance sheet information for 2017 and 2018.

  

JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets
Assets									Liabilities and Owners’ Equity
	2017				2018					2017				2018
Current assets									Current liabilities
Cash	$	8,850			$	14,200			Accounts payable	$	37,500			$	46,600
Accounts receivable		15,750				23,000			Notes payable		11,850				19,400
Inventory		34,650				52,200
Total	$	59,250			$	89,400			Total	$	49,350			$	66,000
									Long-term debt	$	27,000			$	24,000
									Owners’ equity
									Common stock and paid-in surplus	$	45,000			$	45,000
									Retained earnings		178,650				265,000
Net plant and equipment	$	240,750			$	310,600			Total	$	223,650			$	310,000
Total assets	$	300,000			$	400,000			Total liabilities and owners’ equity	$	300,000			$	400,000

   

Prepare the 2018 common-base year balance sheet for Just Dew It. (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.)

  

Answer 1

Common Base 1.6045 1.4603 1.5065 1.5089 1.2901 1.3333 JUST DEW IT Balance Sheets as of December 31, 2017 and 2018 2017 2018 Assets Current assets Cash $ 8,850 $ 14,200 Accounts receivable $ 15,750 $ 23,000 Inventory $ 34,650 $ 52,200 Total $ 59,250 $ 89,400 Net plant and equipment $ 240,750 $ 310,600 Total assets $ 300,000 $ 400,000 Liabilities and Owners' Equity Current liabilities Accounts payable $ 37,500 $ 46,600 Notes payable $ 11,850 $ 19,400 Total $ 49,350 $ 66,000 Long-term debt $ 27,000 $ 24,000 Owners' equity Common stock and paid-in surplus 45,000 $ 45,000 Retained earnings $ 178,650 $ 265,000 Total $ 223,650 $ 310,000 Total liabilities and owners' equity $ 300,000 $ 400,000 1.2427 1.6371 1.3374 0.8889 $ 1.0000 1.4833 1.3861 1.3333