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Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW...
| Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. |
| JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets |
||||||||||||||||
| Assets | Liabilities and Owners’ Equity | |||||||||||||||
| 2017 | 2018 | 2017 | 2018 | |||||||||||||
| Current assets | Current liabilities | |||||||||||||||
| Cash | $ | 12,000 | $ | 17,775 | Accounts payable | $ | 46,875 | $ | 55,575 | |||||||
| Accounts receivable | 12,750 | 16,425 | Notes payable | 19,125 | 24,750 | |||||||||||
| Inventory | 50,250 | 56,925 | ||||||||||||||
| Total | $ | 75,000 | $ | 91,125 | Total | $ | 66,000 | $ | 80,325 | |||||||
| Long-term debt | $ | 30,000 | $ | 27,000 | ||||||||||||
| Owners’ equity | ||||||||||||||||
| Common stock and paid-in surplus | $ | 45,000 | $ | 45,000 | ||||||||||||
| Retained earnings | 234,000 | 297,675 | ||||||||||||||
| Net plant and equipment | $ | 300,000 | $ | 358,875 | Total | $ | 279,000 | $ | 342,675 | |||||||
| Total assets | $ | 375,000 | $ | 450,000 | Total liabilities and owners’ equity | $ | 375,000 | $ | 450,000 | |||||||
|
Prepare the 2018 common-base year balance sheet for Just Dew It. |
| 2017 | 2018 | ||
| Assets | |||
| Current assets | |||
| Cash | $12,000 | $17,775 | |
| Accounts receivable | 12,750 | 16,425 | |
| Inventory | 50,250 | 56,925 | |
| Total | $75,000 | $91,125 | |
| Fixed assets | |||
| Net plant and equipment | $300,000 | $358,875 | |
| Total assets | $375,000 | $450,000 | |
| Liabilities and Owners’ Equity | |||
| Current liabilities | |||
| Accounts payable | $46,875 | $55,575 | |
| Notes payable | $19,125 | $24,750 | |
| Total | $66,000 | $80,325 | |
| Long-term debt | $30,000 | $27,000 | |
| Owners' equity | |||
| Common stock and paid-in surplus | $45,000 | $45,000 | |
| Accumulated retained earnings | 234,000 | 297,675 | |
| Total | $279,000 | $342,675 | |
| Total liabilities and owners' equity | $375,000 | $450,000 |
Solutions
Expert Solution
| Ans. | 2017 | 2018 | Common Base | |||
| Assets | ||||||
| Current assets: | ||||||
| Cash | $21,182 | $24,141 | 1.2344 | |||
| Accounts receivables | $51,036 | $59,935 | 1.0735 | |||
| Inventory | $120,589 | $142,718 | 0.9440 | |||
| Total | $192,807 | $226,794 | 1.0125 | |||
| Fixed assets: | ||||||
| Net plant and equipment | $775,925 | $863,726 | 0.9969 | |||
| Total assets | $968,732 | $1,090,520 | 1.0000 | |||
| Liabilities and Owner's Equity | ||||||
| Current liabilities : | ||||||
| Accounts payable | $180,108 | $190,767 | 0.9880 | |||
| Notes payable | $83,179 | $98,175 | 1.0784 | |||
| Total | $263,287 | $288,942 | 1.0142 | |||
| Long term debt | $305,000 | $340,000 | 0.7500 | |||
| Owner's equity | ||||||
| Common stock and paid in surplus | $165,000 | $178,000 | 0.8333 | |||
| Accumulated retained earnings | $235,445 | $283,578 | 1.0601 | |||
| Total | $400,445 | $461,578 | 1.0235 | |||
| Total Liabilities and Owner's equity | $968,732 | $1,090,520 | 1.0000 | |||
| *WORKING NOTES: | ||||||
| 2017 | % | 2018 | % | Common Base | ||
| Assets | Amount | (a) | Amount | (b) | (b / a) | |
| Current assets: | ||||||
| Cash | $12,000 | 3.20% | $17,775 | 3.95% | 1.2344 | |
| Accounts receivables | $12,750 | 3.40% | $16,425 | 3.65% | 1.0735 | |
| Inventory | $50,250 | 13.40% | $56,925 | 12.65% | 0.9440 | |
| Total | $75,000 | 20.00% | $91,125 | 20.25% | 1.0125 | |
| Fixed assets: | ||||||
| Net plant and equipment | $300,000 | 80.00% | $358,875 | 79.75% | 0.9969 | |
| Total assets | $375,000 | 100.00% | $450,000 | 100.00% | 1.0000 | |
| Liabilities and Owner's Equity | ||||||
| Current liabilities : | ||||||
| Accounts payable | $46,875 | 12.50% | $55,575 | 12.35% | 0.9880 | |
| Notes payable | $19,125 | 5.10% | $24,750 | 5.50% | 1.0784 | |
| Total | $66,000 | 17.60% | $80,325 | 17.85% | 1.0142 | |
| Long term debt | $30,000 | 8.00% | $27,000 | 6.00% | 0.7500 | |
| Owner's equity | ||||||
| Common stock and paid in surplus | $45,000 | 12.00% | $45,000 | 10.00% | 0.8333 | |
| Accumulated retained earnings | $234,000 | 62.40% | $297,675 | 66.15% | 1.0601 | |
| Total | $279,000 | 74.40% | $342,675 | 76.15% | 1.0235 | |
| Total Liabilities and Owner's equity | $375,000 | 100.00% | $450,000 | 100.00% |
 jeff jeffy answered 1 year agoRelated SolutionsJust Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW...Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018. JUST DEW IT CORPORATION 2017 and
2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018
2017 2018 Current assets Current liabilities Cash $ 10,450 $ 10,000
Accounts payable $ 70,750 $ 63,000 Accounts receivable 27,800
28,750 Notes payable 49,500 48,000 Inventory 63,200 63,100 Total $
120,250 $ 111,000 Total $ 101,450 $ 101,850 Long-term debt $ 64,900
$ 62,700 Owners' equity Common stock and paid-in...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW...
Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018.
JUST DEW IT CORPORATION
2017 and 2018 Balance Sheets
Assets
Liabilities and Owners' Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$ 10,150
$ 10,350
Accounts payable
$ 74,500
$ 61,250
Accounts receivable
27,100
27,250
Notes payable
48,500
49,250
Inventory
62,900
63,500
Total
$ 123,000
$ 110,500
Total
$ 100,150
$...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW...
Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018.
JUST DEW IT CORPORATION
2017 and 2018 Balance Sheets
Assets
Liabilities and Owners' Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$ 10,250
$ 10,750
Accounts payable
$ 72,250
$ 58,000
Accounts receivable
28,850
28,800
Notes payable
46,500
45,500
Inventory
64,600
64,900
Total
$ 118,750
$ 103,500
Total
$ 103,700
$...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW...
Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018.
JUST DEW IT CORPORATION
2017 and 2018 Balance Sheets
Assets
Liabilities and Owners’ Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$
4,350
$
9,800
Accounts payable
$
48,000
$
49,800
Accounts receivable
11,550
14,200
Notes payable
10,350
18,600
Inventory
58,350
75,800
Total
$
74,250
$
99,800
Total
$
58,350
$
68,400
Long-term debt
$
42,000
$
34,000
Owners’ equity
Common stock and paid-in...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW...Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018. JUST DEW IT CORPORATION 2017 and
2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018
2017 2018 Current assets Current liabilities Cash $ 10,650 $ 10,700
Accounts payable $ 72,000 $ 64,250 Accounts receivable 27,600
27,950 Notes payable 47,500 46,750 Inventory 63,400 64,300 Total $
119,500 $ 111,000 Total $ 101,650 $ 102,950 Long-term debt $ 56,100
$ 62,500 Owners' equity Common stock and paid-in...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW...Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018. JUST DEW IT CORPORATION 2017 and
2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018
2017 2018 Current assets Current liabilities Cash $ 10,050 $ 10,300
Accounts payable $ 74,750 $ 58,500 Accounts receivable 27,300
28,950 Notes payable 49,000 50,000 Inventory 64,900 64,000 Total $
123,750 $ 108,500 Total $ 102,250 $ 103,250 Long-term debt $ 64,400
$ 63,200 Owners' equity Common stock and paid-in...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW...Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018. JUST DEW IT CORPORATION 2017 and
2018 Balance Sheets Assets Liabilities and Owners’ Equity 2017 2018
2017 2018 Current assets Current liabilities Cash $ 10,200 $ 13,200
Accounts payable $ 46,000 $ 62,160 Accounts receivable 30,200
38,640 Notes payable 27,800 33,120 Inventory 74,600 87,120 Total $
115,000 $ 138,960 Total $ 73,800 $ 95,280 Long-term debt $ 40,000 $
36,000 Owners’ equity Common stock and paid-in...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW...
Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018.
JUST DEW IT CORPORATION
2017 and 2018 Balance Sheets
Assets
Liabilities and Owners’ Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$
11,250
$
19,440
Accounts payable
$
30,600
$
49,200
Accounts receivable
11,850
16,080
Notes payable
24,900
31,200
Inventory
39,150
60,240
Total
$
62,250
$
95,760
Total
$
55,500
$
80,400
Long-term debt
$
27,000
$
24,000
Owners’ equity
Common stock and paid-in...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018.Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW IT CORPORATION2017 and 2018 Balance SheetsAssetsLiabilities and Owners’ Equity2017201820172018 Current assets Current liabilities Cash$6,600$15,250 Accounts payable$62,400$65,750 Accounts receivable26,60029,750 Notes payable26,40031,500 Inventory75,80092,250 Total$109,000$137,250 Total$88,800$97,250 Long-term debt$50,000$40,000 Owners’ equity Common stock and paid-in
surplus$52,000$52,000 Retained earnings209,200310,750 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 2018 common-base year balance sheet for Just Dew It.(Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.)201720172018AssetsCurrent assetsCash$6,600$15,250 ?Accounts receivable26,60029,750 ?Inventory75,80092,250 ?Total$109,000$137,250 ?Fixed assetsNet plant and equipment$291,000$362,750 ?Total assets$400,000$500,000...
Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST...Just Dew It Corporation reports the following balance sheet
information for 2017 and 2018.
JUST DEW IT CORPORATION
2017 and 2018 Balance Sheets
Assets
Liabilities and Owners’ Equity
2017
2018
2017
2018
Current assets
Current liabilities
Cash
$
6,560
$
8,600
Accounts payable
$
51,840
$
53,000
Accounts receivable
16,160
22,600
Notes payable
21,600
23,600
Inventory
61,280
74,600
Total
$
84,000
$
105,800
Total
$
73,440
$
76,600
Long-term debt
$
32,000
$
30,000
Owners’ equity
Common stock and...
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