Question

Prepare the 2015 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 2015 Assets Current assets Cash $ 4,000 $ 11,280 Accounts receivable 14,880 20,400 Inventory 61,920 90,480 Total $ 80,800 $ 122,160 Fixed assets Net plant and equipment $ 239,200 $ 357,840 Total assets $ 320,000 $ 480,000 Liabilities and Owners’ Equity Current liabilities Accounts payable $ 39,040 $ 48,720 Notes payable 12,960 17,280 Total $ 52,000 $ 66,000 Long-term debt $ 48,000 $ 36,000 Owners' equity Common stock and paid-in surplus $ 60,000 $ 60,000 Accumulated retained earnings 160,000 318,000 Total $ 220,000 $ 378,000 Total liabilities and owners' equity $ 320,000 $ 480,000

Answer 1

Answer:

Explanation:

Assets 2014 2015 %

Cash  4,000   11,280  182,0000%

Accounts Receivable  14,880   20,400  37,0968%

Inventory  61,920   90,480  46,1240%

TOTAL CURRENT ASSETS   80,800   122,160  51,1881%

Property and Equipment  239,200   357,840  49,5987%

TOTAL ASSETS   320,000   480,000  50,0000%

Accounts Payable   39,040   48,720  24,7951%

Notes Payable   12,960   17,280  33,3333%

 TOTAL CURRENT LIABILITIES   52,000   66,000  26,9231%

Long Term Loan   48,000   36,000  -25,0000%

TOTAL LIABILITIES   100,000   102,000  2,0000%

Stockholders' Equity   60,000   60,000  0,0000%

Retained Earnings   160,000   318,000  98,7500%

TOTAL EQUITY   220,000   378,000  71,8182%

TOTAL EQUITY & LIABILITIES   320,000   480,000  50,0000%