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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Transcribed Image Text: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
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