For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cah. Do your numbers add up and make sense? Explain your answer for total assets as compared to your answer for total liabilities and owners' equity. AssetsCurrent assetsCashAccounts receivableInventoryTotalNet plant and equipmentTotal assetsJUST DEW IT CORPORATION2020 and 2021 Balance Sheets2021Current liabilitiesLiabilities and Owners' Equity20202021$55,653$63,07321,89525,324$77,548 $88,397$58,000$62,000$60,000$60,000397,278418,179$457,278$478,179$592,826$628,5762020$14,588$17,63135,25841,01965,56771,505$115,413 $130,155Common stock and paid-in surplusRetained earnings$477,413 $498,421Total$592,826 $628,576 Total liabilities and owners' equityAccounts payableNotes payableTotalLong-term debtOwners' equity

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Description: For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cah. Do your numbers add up and make sense? Explain your answer for total assets as compared to your answ

Cash flows statement is that financial statement which shows all cash inflows and cash outflows of…

Business

Accounting

For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cah. Do your numbers add up and make sense? Explain your answer for total assets as compared to your answer for total liabilities and owners' equity.

For each account on this company's balance sheet, show the change in the account during 2021 and note whether this change was a source or use of cah. Do your numbers add up and make sense? Explain your answer for total assets as compared to your answer for total liabilities and owners' equity.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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