Just Dew It Corporation reports the following balance sheet information for 2014

Question

Just Dew It Corporation reports the following balance sheet information for 2014 and 2015. JUST DEW IT CORPORATION 2014 and 2015 Balance Sheets Liabilities and Owners' Equity 2014 2014 2015 S14,200 18,260 23,100 54,780 S 85,000 96,140 2015 Current assets Current liabilities Accounts payable 58,400 S 61,820 19,000 Notes payable 23,400 25,080 51,800 Total S 81,800 S 32.000 s 44,000 S 86,900 S 22,000 S 44,000 Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earnings 242.200 287,100 Net plant and S315.000 $343,860 Total $286.200 S331.100 Total assets $400,000 $440,000 Total liabilities and $400,000 S440,000 owners' equity Prepare the 2015 combined common-size, common-base year balance sheet for Just Dew It. (Do not round intermediate calculations. Round your answers to 4 decimal places, e.g., 32.1616.) 2014 Current assets S 14,200 18,260 19,000 23,100 51,800 54,780 Accounts receivable S 85,000 $ 96,140 Fixed assets Net plant and equipment 315,000 $343,860 Total assets 9440,000 Liabilitles and Owners' Equity Current liabilities S 58,400 $61,820 Accounts payable Notes payable 23,400 25,080 Total S 81,800 $86,900 S 32,000 22,000 Common stock and paid-in 44,000 44,000 242,200 287,100 S286,200 $331.100 Total liabilities and owners40,000 $440,000 Long-term debt Owners' equity Accumulated retained eamings Total

Explanation / Answer

Particulars Working for Common size balance sheet (1) 2014 (2) 2015 (3) Coomon size Balance Sheet2014 (4) Coomon size Balance Sheet2015 (5) Coomon base year Balance Sheet (6)=(3)/(2) Combined Common size & Base year Balance sheet (7)=(5/4) Assets Current Assets A)Cash A/F*100 14200 18260 3.5500 4.1500 1.2859 1.1690 B) Accounts Receivable B/F*100 19000 23100 4.7500 5.2500 1.2158 1.1053 C)Inventory C/F*100 51800 54780 12.9500 12.4500 1.0575 0.9614 D)Total D/F*100 85000 96140 21.2500 21.8500 1.1311 1.0282 Fixed Assets E)New Plant and equipment E/F*100 315000 343860 78.7500 78.1500 1.0916 0.9924 F )Total Assets F/F*100 400000 440000 100.0000 100.0000 1.1000 1.0000 Liabilities and owner's Equity Current Liabilities G)Accounts payable G/M*100 58400 61820 14.6000 14.0500 1.0586 0.9623 H)Notes payable H/M*100 23400 25080 5.8500 5.7000 1.0718 0.9744 I)Total I/M*100 81800 86900 20.4500 19.7500 1.0623 0.9658 J)Long term debt J/M*100 32000 22000 8.0000 5.0000 0.6875 0.6250 Owner's equity K)Common stock and paid in Surplus K/M*100 44000 44000 11.0000 10.0000 1.0000 0.9091 L)Accumulated retained earnings L/M*100 242200 287100 60.5500 65.2500 1.1854 1.0776 M)Total liabilities and owners equity M/M*100 400000 440000 100.0000 100.0000 1.1000 1.0000

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