Question

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	$	11,025			$	11,970			Accounts payable	$	43,750			$	47,250
Accounts receivable		22,225				26,670			Notes payable		24,325				24,780
Inventory		44,625				51,450
Total	$	77,875			$	90,090			Total	$	68,075			$	72,030
									Long-term debt	$	35,000			$	21,000
									Owners’ equity
									Common stock and paid-in surplus	$	42,000			$	42,000
									Retained earnings		204,925				284,970
Net plant and equipment	$	272,125			$	329,910			Total	$	246,925			$	326,970
Total assets	$	350,000			$	420,000			Total liabilities and owners’ equity	$	350,000			$	420,000

  

Prepare the 2014 and 2015 common-size balance sheets for Just Dew It. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

  

	2014							2015
Assets
Current assets
Cash	$	11,025			%			$	11,970			%
Accounts receivable		22,225			%				26,670			%
Inventory		44,625			%				51,450			%
Total	$	77,875			%			$	90,090			%
Fixed assets
Net plant and equipment	$	272,125			%			$	329,910			%
Total assets	$	350,000			%			$	420,000			%
Liabilities and Owners’ Equity
Current liabilities
Accounts payable	$	43,750			%			$	47,250			%
Notes payable		24,325			%				24,780			%
Total	$	68,075			%			$	72,030			%
Long-term debt	$	35,000			%			$	21,000			%
Owners' equity
Common stock and paid-in surplus	$	42,000			%			$	42,000			%
Accumulated retained earnings		204,925			%				284,970			%
Total	$	246,925			%			$	326,970			%
Total liabilities and owners' equity	$	350,000			%			$	420,000			%

Answer 1