Please Make Sure to do the rounding. Just Dew It Corporation reports the following balance sheet information for 2017 and2018.JUST DEW IT CORPORATION2017 and 2018 Balance SheetsAssetsLiabilities and Owners' Equity2017201820172018Current assetsCurrent liabilitiesCash$ 11,250$ 19,440Accounts payable$ 30,600$ 49,200Accounts11,85016,080Notes payable24,90031,200receivableInventory39,15060,240Total$ 62,250$ 95,760Total$ 55,500$ 80,400Long-term debt$ 27,000$ 24,000Owners' equityCommon stock and paid-insurplusRetained earnings$ 48,000$ 48,000169,500327,600Net plant andequipment$ 237,750$384,240Total$ 217,500$375,600Total liabilities and owners'Total assets$300,000$480,000$300,000$480,000equity Prepare the 2018 common-base year balance sheet for Just Dew It. (Do not roundintermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.)20172018AssetsCurrent assetsCash$11,250 $19,440Accounts receivable11,85016,080Inventory39,15060,240Total$62,250 S95,760Fixed assets237,750 $300,000 $Net plant and equipment384,240Total assets$480,000Liabilities and Owners' EquityCurrent liabilities30,600 S24,900 S55,500 S27,000 $Accounts payable$49,200Notes payable31,200Total$80,400Long-term debtOwners' equity24,000Common stock and paid-in surplus$48,000 S48,000Accumulated retained earnings169,500327,600217,500 $300,000 $Total375,600Total liabilities and owners' equity480,000%24%2424%24%24

Common base statement is the one which is prepared on taking a common base and then comparing all…

Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 11,250 $ 19,440 Accounts payable $ 30,600 $ 49,200 Accounts 11,850 16,080 Notes payable 24,900 31,200 receivable Inventory 39,150 60,240 Total $ 62,250 $ 95,760 Total $ 55,500 $ 80,400 Long-term debt $ 27,000 $ 24,000 Owners' equity Common stock and paid-in surplus Retained earnings $ 48,000 $ 48,000 169,500 327,600 Net plant and equipment $ 237,750 $384,240 Total $ 217,500 $375,600 Total liabilities and owners' Total assets $300,000 $480,000 $300,000 $480,000 equity

Just Dew It Corporation reports the following balance sheet information for 2017 and 2018. JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash $ 11,250 $ 19,440 Accounts payable $ 30,600 $ 49,200 Accounts 11,850 16,080 Notes payable 24,900 31,200 receivable Inventory 39,150 60,240 Total $ 62,250 $ 95,760 Total $ 55,500 $ 80,400 Long-term debt $ 27,000 $ 24,000 Owners' equity Common stock and paid-in surplus Retained earnings $ 48,000 $ 48,000 169,500 327,600 Net plant and equipment $ 237,750 $384,240 Total $ 217,500 $375,600 Total liabilities and owners' Total assets $300,000 $480,000 $300,000 $480,000 equity

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 17PA: Using the following Company W information, prepare a Retained Earnings Statement. Retained earnings...

See similar textbooks

Similar questions

Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callable
Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown in random order as follows: Required: 1. Prepare a December 31, 2019, balance sheet for Baggett. 2. Compute the debt to-assets ratio.
Current Liabilities and Ratios Several accounts that appeared on Kruses 2016 balance sheet are as follows: Required Prepare the Current Liabilities section of Kruses 2016 balance sheet. Compute Kruses working capital. Compute Kruses current ratio. What does this ratio indicate about Kruses condition?
Using the following Company W information, prepare a Retained Earnings Statement. Retained earnings balance January 1, 2019, $43,500 Net income for year 2019, $55,289 Dividends declared and paid for year 2019, $18,000
Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1, 000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50, 000 to retire bonds with a face value (and book value) of 50, 000. e. On July 2, 2019, Farrell purchased equipment for 63, 000 cash. f. On December 31, 2019, land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows. (Appendix 21.1) Spreadsheet and Statement Refer to the information for Farrell Corporation in P21-13. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support a 2019 statement of cash flows. (Hint: Combine the income statement and December 31, 2019, balance sheet items for the adjusted trial balance. Use a retained earnings balance of 291,000 in this adjusted trial balance.) 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
Comprehensive The following are Farrell Corporations balance sheets as of December 31, 2019, and 2018, and the statement of income and retained earnings for the year ended December 31, 2019: Additional information: a. On January 2, 2019, Farrell sold equipment costing 45,000, with a book value of 24,000, for 19,000 cash. b. On April 2, 2019, Farrell issued 1,000 shares of common stock for 23,000 cash. c. On May 14, 2019, Farrell sold all of its treasury stock for 25,000 cash. d. On June 1, 2019, Farrell paid 50,000 to retire bonds with a face value (and book value) of 50,000. e. On July 2, 2019, Farrell purchased equipment for 63,000 cash. f. On December 31, 2019. land with a fair market value of 150,000 was purchased through the issuance of a long-term note in the amount of 150,000. The note bears interest at the rate of 15% and is due on December 31, 2021. g. Deferred taxes payable represent temporary differences relating to the use of accelerated depreciation methods for income tax reporting and the straight-line method for financial statement reporting. Required: 1. Prepare a spreadsheet to support a statement of cash flows for Farrell for the year ended December 31, 2019, based on the preceding information. 2. Prepare the statement of cash flows.