Just Dew It Corporation 2018 and 2019 Balance Sheets Assets Liabilities and Owner’s Equity 2018 2019 2018 2019 Current Assets Current Liabilities Cash $11,135 $13,407 Accounts payable $45,166 $48,185 Accounts Receivable 28,419 30,915 Notes payable 17,773 18,257 Inventory 51,163 56,295 Total $62,939 $66,442 Total $90,717 $100,617 Long term debt $44,000 $39,000 Owners’ equity Net plant and equipment $326,456 $357,560 Common stock and paid-in surplus $50,000 $50,000 Retained earnings 260,234 302,735 Total $310,234 $352,735 Total assets $417,173 $458,177 Total liabilities and owners’ equity $417,173 $458,177 For each account on this company’s balance sheet, show the change in the account during 2019 and note whether this change was a source or use of cash. 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.
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Just Dew It Corporation 2018 and 2019 Balance Sheets |
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Assets |
Liabilities and Owner’s Equity |
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2018 |
2019 |
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2018 |
2019 |
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Current Assets |
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Current Liabilities |
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Cash |
$11,135 |
$13,407 |
Accounts payable |
$45,166 |
$48,185 |
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Accounts Receivable |
28,419 |
30,915 |
Notes payable |
17,773 |
18,257 |
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Inventory |
51,163 |
56,295 |
Total |
$62,939 |
$66,442 |
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Total |
$90,717 |
$100,617 |
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Long term debt |
$44,000 |
$39,000 |
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Owners’ equity |
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Net plant and equipment |
$326,456 |
$357,560 |
Common stock and paid-in surplus |
$50,000 |
$50,000 |
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260,234 |
302,735 |
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Total |
$310,234 |
$352,735 |
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Total assets |
$417,173 |
$458,177 |
Total liabilities and owners’ equity |
$417,173 |
$458,177 |
For each account on this company’s balance sheet, show the change in the account during 2019 and note whether this change was a source or use of cash. 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.
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