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(Solved) Just Dew It Corporation reports the following balance sheet information for 2014 and 2015.


Just Dew It Corporation reports the following balance sheet information for 2014 and 2015.

JUST DEW IT CORPORATION

2014 and 2015 Balance Sheets

Assets Liabilities and Owners’ Equity

2014 2015 2014 2015

Current assets Current liabilities

Cash $ 6,600 $ 15,250 Accounts payable $ 62,400 $ 65,750

Accounts receivable 26,600 29,750 Notes payable 26,400 31,500

Inventory 75,800 92,250

Total $109,000 $137,250 Total $ 88,800 $ 97,250

Longterm

debt $ 50,000 $ 40,000

Owners’ equity

Common stock and paidin

surplus $ 52,000 $ 52,000

Retained earnings 209,200 310,750

Net plant and equipment $291,000 $362,750 Total $261,200 $362,750

Total assets $400,000 $500,000 Total liabilities and owners’ equity $400,000 $500,000

Prepare the 2014 and 2015 commonsize

balance sheets for Just Dew It. ®Do†not†round†intermediate

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2014 2015

Assets

Current assets

Cash $ 6,600 % $ 15,250 %

Accounts receivable 26,600 % 29,750 %

Inventory 75,800 % 92,250 %

Total $109,000 % $137,250 %

Fixed assets

Net plant and equipment $291,000 % $362,750 %

Total assets $400,000 % $500,000 %

Liabilities†and†Owners’†Equity

Current liabilities

Accounts payable $ 62,400 % $ 65,750 %

Notes payable 26,400 % 31,500 %

Total $ 88,800 % $ 97,250 %

Longterm

debt $ 50,000 % $ 40,000 %

Owners' equity

Common stock and paidin

surplus $ 52,000 % $ 52,000 %

Accumulated retained earnings 209,200 % 310,750 %

Total $ 261,200 % $362,750 %

Total liabilities and owners' equity $ 400,000 % $500,000 %

 


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