Just Dew It Corporation reports the following balance sheet information for 2020 and 2021. JUST DEW IT CORPORATION2020 and 2021 Balance SheetsAssets20202021Liabilities and Owners’ Equity20202021Current assets Current liabilities Cash$ 7,800$ 12,250Accounts payable$ 46,400$ 52,750Accounts receivable15,80031,000Notes payable20,60026,500Inventory53,40064,250 Total$ 77,000$ 107,500Total$ 67,000$ 79,250 Long-term debt$ 46,000$ 40,000 Owners’ equity Common stock and paid-in surplus$ 50,000$ 50,000 Retained earnings237,000330,750 Net plant and equipment$ 323,000$ 392,500Total$ 287,000$ 380,750 Total assets$ 400,000$ 500,000Total liabilities and owners’ equity$ 400,000$ 500,000 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 cash. (If there is no action select "None" from the dropdown options. Leave no cells blank - be certain to enter "0" wherever required. A negative answer should be indicated by a minus sign.)

Use & Source of Cash: The use of cash represents the decline in current liabilities, the…

Answered: For each account on this company’s…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

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Just Dew It Corporation reports the following balance sheet information for 2020 and 2021.

Assets	2020	2021	Liabilities and Owners’ Equity	2020	2021
JUST DEW IT CORPORATION
2020 and 2021 Balance Sheets
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 2021 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. A negative answer should be indicated by a minus sign.)

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