Preparing Standardized Financial Statements Prepare ‘the 2007 combined common-size, common—base year balance sheet for Just Dew It.

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JUST DEW IT CORPORATION 2006 and 2007 Balance Sheets Liabilities and Owners' Equity Assets 2006 2007 2006 2007 Current assets Current liabilities $ 16,185 $ 78,159 $ 15,183 $ 59,309 Cash Accounts payable Accounts receivable 35,612 37,126 Notes payable 46,382 48,168 $107,477 $124,541 Inventory 62,182 64,853 Total $ 118,164 $ 112,977 $ 60,000 $ 75,000 Total Long-term debt Owners' equity Fixed assets $ 358,163 $ 327,156 Net plant and equipment Common stock and $ 90,000 $ 90,000 paid-in surplus Retained earnings 203,850 165,592 Total $255,592 $440,133 $293,850 $476,327 $ 440,133 $ 476,327 Total assets Total liabilities and owners' equity