For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cah. Do your numbers add up and make sense? Explain your answer for total assets as compared to your answer for total liabilities and owners' equity. AssetsCurrent assetsCashAccounts receivableInventoryTotalNet plant and equipmentTotal assetsJUST DEW IT CORPORATION2020 and 2021 Balance Sheets2021Current liabilitiesLiabilities and Owners' Equity20202021$55,653$63,07321,89525,324$77,548 $88,397$58,000$62,000$60,000$60,000397,278418,179$457,278$478,179$592,826$628,5762020$14,588$17,63135,25841,01965,56771,505$115,413 $130,155Common stock and paid-in surplusRetained earnings$477,413 $498,421Total$592,826 $628,576 Total liabilities and owners' equityAccounts payableNotes payableTotalLong-term debtOwners' equity

Name: For each account on this company's balance sheet, show the change in t
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Description: For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cah. Do your numbers add up and make sense? Explain your answer for total assets as compared to your answ

Cash flows statement is that financial statement which shows all cash inflows and cash outflows of…

Answered: For each account on this company's…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cah. Do your numbers add up and make sense? Explain your answer for total assets as compared to your answer for total liabilities and owners' equity.

Assets
Current assets
Cash
Accounts receivable
Inventory
Total
Net plant and equipment
Total assets
JUST DEW IT CORPORATION
2020 and 2021 Balance Sheets
2021
Current liabilities
Liabilities and Owners' Equity
2020
2021
$55,653
$63,073
21,895
25,324
$77,548 $88,397
$58,000
$62,000
$60,000
$60,000
397,278
418,179
$457,278
$478,179
$592,826
$628,576
2020
$14,588
$17,631
35,258
41,019
65,567
71,505
$115,413 $130,155
Common stock and paid-in surplus
Retained earnings
$477,413 $498,421
Total
$592,826 $628,576 Total liabilities and owners' equity
Accounts payable
Notes payable
Total
Long-term debt
Owners' equity

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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