Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity 2020 2021 Current assets Current liabilities Cash $ 10, 620 $ 13,275 Accounts payable $ 52, 560 $ 60, 750 Accounts receivable 21, 420 29, 925 Notes payable 19, 260 24,075 Inventory 67, 860 82, 575 Total $ 99, 900 $ 125,775 Total $ 71,820 $ 84, 825 Long-term debt $ 36,000 $ 27,000 Owners' equity Common stock and paid - in surplus $ 45,000 $ 45,000 Retained earnings 207, 180 293, 175 Net plant and equipment $ 260, 100 S 324, 225 Total $ 252, 180 $ 338, 175 Total assets $ 360,000 $ 450,000 Total liabilities and owners' equity S 360,000 $ 450,000 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 cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign.) 2020 Sources/Uses 2021 Assets Current assets Cash $10, 620 S 13,275 Accounts receivable 21, 420 29, 925 Inventory 67, 860 82,575 Total $99,900 $125,775 Fixed assets Net plant and equipment $260, 100 $324, 225 Total assets $360,000 $450, 000 Liabilities and Owners' Equity Current liabilities Accounts payable $52, 560 $60, 750 Notes payable 19, 260 24,075 Total $71, 820 $84, 825 Long-term debt $36,000 $27,000 Owners' equity Common stock and paid - in surplus $45,000 $45,000 Retained earnings 207, 180 293, 175 Total $252, 180 $338, 175 Total liabilities and owners' equity $360,000 S 450,000
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets Assets 2020 2021 Liabilities and Owners' Equity 2020 2021 Current assets Current liabilities Cash $ 10, 620 $ 13,275 Accounts payable $ 52, 560 $ 60, 750 Accounts receivable 21, 420 29, 925 Notes payable 19, 260 24,075 Inventory 67, 860 82, 575 Total $ 99, 900 $ 125,775 Total $ 71,820 $ 84, 825 Long-term debt $ 36,000 $ 27,000 Owners' equity Common stock and paid - in surplus $ 45,000 $ 45,000 Retained earnings 207, 180 293, 175 Net plant and equipment $ 260, 100 S 324, 225 Total $ 252, 180 $ 338, 175 Total assets $ 360,000 $ 450,000 Total liabilities and owners' equity S 360,000 $ 450,000 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 cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign.) 2020 Sources/Uses 2021 Assets Current assets Cash $10, 620 S 13,275 Accounts receivable 21, 420 29, 925 Inventory 67, 860 82,575 Total $99,900 $125,775 Fixed assets Net plant and equipment $260, 100 $324, 225 Total assets $360,000 $450, 000 Liabilities and Owners' Equity Current liabilities Accounts payable $52, 560 $60, 750 Notes payable 19, 260 24,075 Total $71, 820 $84, 825 Long-term debt $36,000 $27,000 Owners' equity Common stock and paid - in surplus $45,000 $45,000 Retained earnings 207, 180 293, 175 Total $252, 180 $338, 175 Total liabilities and owners' equity $360,000 S 450,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Assets 2020 2021 Liabilities and Owners' Equity 2020 2021
Current assets Current liabilities Cash $ 10, 620 $ 13, 275 Accounts payable $ 52, 560 $ 60, 750 Accounts
receivable 21,420 29, 925 Notes payable 19, 260 24,075 Inventory 67, 860 82, 575 Total $ 99,900 $ 125, 775
Total $ 71,820 $ 84, 825 Long-term debt $ 36,000 $ 27,000 Owners' equity Common stock and paid - in
surplus $ 45,000 $ 45,000 Retained earnings 207, 180 293, 175 Net plant and equipment $ 260, 100 $
324, 225 Total $ 252, 180 $ 338, 175 Total assets $ 360,000 $ 450,000 Total liabilities and owners' equity $
360,000 $ 450,000 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 cash. (If there is no action select "None"
from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative
answer should be indicated by a minus sign.) 2020 Sources/Uses 2021 Assets Current assets Cash $10, 620 S
13,275 Accounts receivable 21, 420 29, 925 Inventory 67,860 82,575 Total $99,900 $125,775 Fixed assets
Net plant and equipment $260, 100 $324, 225 Total assets $360,000 $450,000 Liabilities and Owners' Equity
Current liabilities Accounts payable $52, 560 $60, 750 Notes payable 19, 260 24,075 Total $71, 820 $84, 825
Long-term debt $36,000 $27,000 Owners' equity Common stock and paid - in surplus $45,000 $45,000
Retained earnings 207, 180 293, 175 Total $252, 180 $338, 175 Total liabilities and owners' equity $360,000 $
450,000
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