Just Dew It Corporation reports the following balance sheet information for 2014
ID: 2748778 • Letter: J
Question
Just Dew It Corporation reports the following balance sheet information for 2014 and 2015.
Prepare the 2014 and 2015 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.)
Prepare the 2014 and 2015 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.)
JUST DEW IT CORPORATION 2014 and 2015 Balance Sheets Liabilities and Owners' Equity 2014 Assets 2014 2015 2015 Current assets Current liabilities Cash Accounts receivable Accounts payable Notes payable 70,000 23,800 $ 73,250 $ 9,000 17,000 77,000 $ 11,250 24,750 93,750 31,000 Total Total $104,250 $ 40,000 $ 50,000 $103,000 $129,750 $ 93,800 $ 42,000 Common stock and paid-in surplus 50,000 Long-term debt Owners' equity Retained earnings Total Total liabilities and owners' equity 214,200 $264,200 $400,000 305,750 $355,750 $500,000 Net plant and equipment $297,000 $370,250 Total assets $400,000 $500,000
Explanation / Answer
Common Size Balance Sheet
2014 % 2015 % Assets: Current Assets Cash 9000 2.25 11250 2.25 Accounts Receivable 17000 4.25 24750 4.95 Inventory 77000 19.25 93750 18.75 Total 103000 25.75 129750 25.95 Fixed Assets Net plant and equipment 297000 74.25 370250 74.05 Total Assets 400000 100.00 500000 100.00 Liabilites and owners' equity: Current Liabilities Accounts Payable 70000 17.50 73250 14.65 Notes Payable 23800 5.95 31000 6.20 Total 93800 23.45 104250 20.85 Long term debt 42000 10.50 40000 8.00 Owner's Equity Common stock and paid in surplus 50000 12.50 50000 10.00 Accumulated retained earnings 214200 53.55 305750 61.15 Total 264200 66.05 355750 71.15 Total liabilities and owner's equity 400000 100.00 500000 100.00Related Questions
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