Question

Edit: Nothing from the question is missing

Problem 3-13 Preparing Standardized Financial Statements [LO1]

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 paid-in surplus	$	40,000			$	40,000
									Retained earnings		174,560				253,400
Net plant and equipment	$	236,000			$	294,200			Total	$	214,560			$	293,400
Total assets	$	320,000			$	400,000			Total liabilities and owners’ equity	$	320,000			$	400,000

  

Prepare the 2017 and 2018 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.)

  

2017 % 2018 % Assets Current assets Cash $6,560 % 8,600 % Accounts receivable 16,160 % 22,600 % Inventory 61,280 % 74,600 % Total $84,000 % 105,800 % Fixed assets Net plant and equipment $236,000 % 294,200 % Total assets $320,000 % 400,000 % Liabilities and Owners’ Equity Current liabilities Accounts payable $51,840 % 53,000 % Notes payable 21,600 % 23,600 % Total $73,440 % 76,600 % Long-term debt $32,000 % 30,000 % Owners' equity Common stock and paid-in surplus $40,000 % 40,000 % Accumulated retained earnings 174,560 % 253,400 % Total $214,560 % 293,400 % Total liabilities and owners' equity $320,000 % 400,000 %

Please show work

Answer 1

In a common size balance sheet, each item is expressed as a % of total assets.

The common size balance sheet is shown below :