it View Help Sa e-Bult Problems JUST DEW IT CORPORATION 2017 and 2018 Balance Sh

Question

it View Help Sa e-Bult Problems JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2017 2018 2017 Current assets Current liabilities $ 11,000 14,250 36,750 96,250 Accounts payable Notes payable $54,000 63,750 14,800 20,500 Cash 27,000 75,000 receivable s 68,800 84.250 50,000 40,000 Common stock and paid-In s 55,000 55.000 320750 113,000 $147,250 Total Long-term debt Owners' equity Total Retained earnings 226,200 Net plant and $287000 $352,750 Total $ 281,200 $375,750 $400,000 $500.000 Total liabilities and owners $400,000 $500.00o Total assets Prev7 of 10E Next > 088 8 2 3

Explanation / Answer

Total Liabilities & Owners Equity   400000 500000 900000

2017 2018 Combined Assets Current Assets Cash 11000 14250 25250 Accounts Receivable 27000 36750 63750 Inventory 75000 96250 171250 Total 113000 147250 260250 Fixed Assets Net Plant & Equiptment 287000 352750 639750 Total Assets 400000 500000 900000 Liabilities & Owners Equity Current Liabilities Accounts Payable 54000 63750 117750 Notes Payable 14800 20500 35300 Total 68800 84250 153050 Long-Term Debt 50000 40000 90000 Owner's Equity Common Stock & Paid-in-Surplus 55000 55000 110000 Accumulated Retained Earnings 226200 320750 546950

Total Liabilities & Owners Equity   400000 500000 900000

Total Sales 2394737 Credit Sales 1796053 Accounts Receivables 121370 Receivables Days 24.67

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