Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable 2020 2021 $ 43,500 $48,240 29,625 32,160 Assets 2020 2021 Current assets Cash $ 8,250 $ 12,240 Accounts receivable 34,500 40,560 Inventory 58,500 86,160 Total $101,250 $ 138,960 Total es Long-term debt Owners' equity $ 73,125 $ 80,400 $ 45,000 $ 36,000 Common stock and paid-in surplus $60,000 $60,000 Retained earnings 196,875 303,600 $ Net plant and equipment $273,750 $341,040 Total $ 256,875 363,600 $ Total assets $375,000 480,000 Total liabilities and owners' equity $ $375,000 480,000 Prepare the 2020 and 2021 common-size balance sheets for Just Dew It. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

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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Just Dew It Corporation reports the following balance sheet information for 2020 and
2021.
JUST DEW IT CORPORATION
2020 and 2021 Balance Sheets
Liabilities and Owners' Equity
Current liabilities
Accounts payable
Notes payable
2020
2021
$ 43,500 $48,240
29,625 32,160
Assets
2020
2021
Current assets
Cash
$ 8,250
$ 12,240
Accounts receivable
34,500
40,560
Inventory
58,500
86,160
Total
$101,250 $ 138,960
Total
es
Long-term debt
Owners' equity
$ 73,125 $ 80,400
$ 45,000 $ 36,000
Common stock and paid-in surplus $60,000 $60,000
Retained earnings
196,875 303,600
$
Net plant and equipment $273,750 $341,040
Total
$ 256,875
363,600
$
Total assets
$375,000
480,000
Total liabilities and owners' equity
$
$375,000
480,000
Prepare the 2020 and 2021 common-size balance sheets for Just Dew It. (Do not round
intermediate calculations and enter your answers as a percent rounded to 2 decimal
places, e.g., 32.16.)
Transcribed Image Text:Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable 2020 2021 $ 43,500 $48,240 29,625 32,160 Assets 2020 2021 Current assets Cash $ 8,250 $ 12,240 Accounts receivable 34,500 40,560 Inventory 58,500 86,160 Total $101,250 $ 138,960 Total es Long-term debt Owners' equity $ 73,125 $ 80,400 $ 45,000 $ 36,000 Common stock and paid-in surplus $60,000 $60,000 Retained earnings 196,875 303,600 $ Net plant and equipment $273,750 $341,040 Total $ 256,875 363,600 $ Total assets $375,000 480,000 Total liabilities and owners' equity $ $375,000 480,000 Prepare the 2020 and 2021 common-size balance sheets for Just Dew It. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
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