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 Assets Liabilities and Owners’ Equity 2014 2015 2014 2015 Current assets Current liabilities Cash $ 7,800 $ 12,250 Accounts payable $ 46,400 $ 52,750 Accounts receivable 15,800 31,000 Notes payable 20,600 26,500 Inventory 53,400 64,250 Total $ 77,000 $ 107,500 Total $ 67,000 $ 79,250 Long-term debt $ 46,000 $ 40,000 Owners’ equity Common stock and paid-in surplus $ 50,000 $ 50,000 Retained earnings 237,000 330,750 Net plant and equipment $ 323,000 $ 392,500 Total $ 287,000 $ 380,750 Total assets $ 400,000 $ 500,000 Total liabilities and owners’ equity $ 400,000 $ 500,000 For each account on this company’s balance sheet, show the change in the account during 2015 and note whether this change was a source or use of cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. Negative amounts should be indicated by a minus sign.) 2014 Sources/Uses 2015 Assets Current assets Cash $ 7,800 $ $ 12,250 Accounts receivable 15,800 31,000 Inventory 53,400 64,250 Total $ 77,000 $ $ 107,500 Fixed assets Net plant and equipment $ 323,000 $ $ 392,500 Total assets $ 400,000 $ $ 500,000 Liabilities and Owners’ Equity Current liabilities Accounts payable $ 46,400 $ $ 52,750 Notes payable 20,600 26,500 Total $ 67,000 $ $ 79,250 Long-term debt $ 46,000 $ $ 40,000 Owners' equity Common stock and paid-in surplus $ 50,000 $ $ 50,000 Accumulated retained earnings 237,000 330,750 Total $ 287,000 $ $ 380,750 Total liabilities and owners' equity $ 400,000 $ $ 500,000

Explanation / Answer

Change Increase / Decrease Source / Use Cash 4,450 Increase None Accounts Receivable -15,200 Increase Use Inventory - 10,850 Increase Use Net Plant and Equipment 69,500 Increase Use Accounts Payable 6,350 Increase Source Notes Payable 5,900 Increase Source Long Term Debt - 6,000 Decrease Use Common Stock 0 None None Retained Earnings 93,750 Increase Source

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.