Question

Assets 2017 2018 JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities 9,800 Accounts payable $ 48,000 14,200 Notes payable 10,350 75,800 Current assets Cash Accounts receivable Inventory $ $ 49,800 18,600 $ 4,350 11,550 58,350 $ 74,250 Total $ 99,800 Total $ 58,350 $ 68,400 Long-term debt $ 42,000 $ 34,000 Owners' equity Common stock and paid-in $45.000 surplus Retained earnings 154,650 $ 45,000 252,600 Net plant and equipment $225,750 $300,200 Total $ 199,650 $ 297,600 Total assets $300,000 $400,000 Total liabilitibs and owners' equity $300,000 $400,000 Prepare the 2018 combined common-size, common-base year balance sheet for Just Dew it. (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.)

Answer 1

	2017	2018
Assets
Current Assets	$                 4,350	$                 9,800	1.6897
Account Receivable	$               11,550	$               14,200	0.9221
Inventory	$               58,350	$               75,800	0.9743
Total	$               74,250	$               99,800	1.0081
Fixed assets
Net plant and equipment	$             225,750	$             300,200	0.9973
Total assets	$             300,000	$             400,000	1.0000
Liabilities and Owners’ Equity
Current liabilities
Accounts payable	$               48,000	$               49,800	0.7781
Notes payable	$               10,350	$               18,600	1.3478
Total	$               58,350	$               68,400	0.8792
Long-term debt	$               42,000	$               34,000	0.6071
Owners' equity
Common stock and paid-in surplus	$               45,000	$               45,000	0.7500
Accumulated retained earnings	$             154,650	$             252,600	1.2250
Total	$             199,650	$             297,600	1.1180
Total liabilities and owners' equity	$             300,000	$             400,000	1.0000