Question

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.)

Answer 1

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%