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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 $ 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 surplus $ 48,000 $ 48,000
      Retained earnings 169,500 327,600
  Net plant and equipment $ 237,750 $ 384,240   Total $ 217,500 $ 375,600
  Total assets $ 300,000 $ 480,000   Total liabilities and owners’ equity $ 300,000 $ 480,000

  

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.)

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Expert Solution

JUST DEW IT CORPORATION
2017 and 2018 Balance Sheets
2017 % 2018 % 2017 % 2018 %
  Current assets   Current liabilities
      Cash             11,250 3.75%          19,440 4.05%       Accounts payable       30,600 10.20%       49,200 10.25%
      Accounts receivable             11,850 3.95%          16,080 3.35%       Notes payable       24,900 8.30%       31,200 6.50%
      Inventory             39,150 13.05%          60,240 12.55%
        Total             62,250 20.75%          95,760 19.95%         Total       55,500 18.50%       80,400 16.75%
  Long-term debt       27,000 9.00%       24,000 5.00%
  Owners’ equity
      Common stock and paid-in surplus       48,000 16.00%       48,000 10.00%
      Retained earnings     1,69,500 56.50%     3,27,600 68.25%
  Net plant and equipment           2,37,750 79.25%       3,84,240 80.05%   Total     2,17,500 72.50%     3,75,600 78.25%
  Total assets           3,00,000 100.00%       4,80,000 100.00%   Total liabilities and owners’ equity     3,00,000 100.00%     4,80,000 100.00%

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