Just Dew It Corporation reports the following balance sheet information for 2014

Question

Just Dew It Corporation reports the following balance sheet information for 2014 and 2015. JUST DEW IT CORPORATION 2014 and 2015 Balance Sheets Assets Liabilities and Owners’ Equity 2014 2015 2014 2015 Current assets Current liabilities Cash $ 4,350 $ 9,800 Accounts payable $ 48,000 $ 49,800 Accounts receivable 11,550 14,200 Notes payable 10,350 18,600 Inventory 58,350 75,800 Total $ 74,250 $ 99,800 Total $ 58,350 $ 68,400 Long-term debt $ 42,000 $ 34,000 Owners’ equity Common stock and paid-in surplus $ 45,000 $ 45,000 Retained earnings 154,650 252,600 Net plant and equipment $ 225,750 $ 300,200 Total $ 199,650 $ 297,600 Total assets $ 300,000 $ 400,000 Total liabilities and owners’ equity $ 300,000 $ 400,000 Prepare the 2014 and 2015 common-size balance sheets for Just Dew It. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) 2014 2015 Assets Current assets Cash $ 4,350 % $ 9,800 % Accounts receivable 11,550 % 14,200 % Inventory 58,350 % 75,800 % Total $ 74,250 % $ 99,800 % Fixed assets Net plant and equipment $ 225,750 % $ 300,200 % Total assets $ 300,000 % $ 400,000 % Liabilities and Owners’ Equity Current liabilities Accounts payable $ 48,000 % $ 49,800 % Notes payable 10,350 % 18,600 % Total $ 58,350 % $ 68,400 % Long-term debt $ 42,000 % $ 34,000 % Owners' equity Common stock and paid-in surplus $ 45,000 % $ 45,000 % Accumulated retained earnings 154,650 % 252,600 % Total $ 199,650 % $ 297,600 % Total liabilities and owners' equity $ 300,000 % $ 400,000 %

Explanation / Answer

Just Dew It Corporation All Amounts in $ Common Size Statements for 2014 and 2015 2014 % 2015 % Current Assets Cash 4350 1.45% 9800 2.45% Accounts Receivable 11550 3.85% 14200 3.55% Inventory 58350 19.45% 75800 18.95% Total Current Assets 74250 24.75% 99800 24.95% Net Plant and Equipment 225750 75.25% 300200 75.05% Total Assets 300000 100.00% 400000 100.00% Current Liabilities Accounts Payable 48000 16.00% 49800 12.45% Notes Payable 10350 3.45% 18600 4.65% Total Current Liabilities 58350 19.45% 68400 17.10% Long Term Debt 42000 14.00% 34000 8.50% Shareholders' Equity Common Stock and Paid-in 45000 15.00% 45000 11.25% Surplus Accumulated Retained Earnings 154650 51.55% 252600 63.15% Total Liabilities and 300000 100.00% 400000 100.00% Shareholders' Equity

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