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.
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.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Just Dew It Corporation reports the following balance sheet information for 2020 and 2021.
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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.) |
Transcribed Image Text:Current assets
Cash
Accounts receivable
Inventory
Total
Fixed assets
Net plant and equipment
Total assets
Assets
Liabilities and Owners' Equity
Current liabilities
Accounts payable
Notes payable
Total
Long-term debt
Owners' equity
Common stock and paid-in surplus
Retained earnings
Total
Total liabilities and owners' equity
$
$
$
$
$
$
$
$
$
$
2020
4,000
14,880
61,920
80,800
239,200
320,000
39,040
12,960
52,000
48,000
60,000
160,000
220,000
320,000
Sources/Uses
$
$
$
$
$
$ 357,840
$
480,000
$
2021
$
$
11,280
20,400
90,480
122,160
48,720
17,280
66,000
36,000
60,000
318,000
378,000
480,000
Transcribed Image Text:Assets
Current assets
Cash
Accounts receivable
Inventory
Total
Net plant and equipment
Total assets
2020
JUST DEW IT CORPORATION
2020 and 2021 Balance Sheets
2021
$ 4,000
$ 11,280
20,400
14,880
61,920 90,480
$80,800 $122,160
$
239,200
$ 357,840
$
$
320,000 480,000
Liabilities and Owners' Equity
Current liabilities
Accounts payable
Notes payable
Total
Total
2020
Total liabilities and owners' equity
2021
$39,040 $48,720
12,960 17,280
Long-term debt
Owners' equity
Common stock and paid-in surplus $60,000 $60,000
Retained earnings
160,000 318,000
$ 52,000 $ 66,000
$ 48,000 $36,000
$
220,000 378,000
$
$
320,000 480,000
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