Preparing Standardized Financial Statements prepare the 2007 commonbase year balance sheet for Just Dew It. JUST DEW

Preparing Standardized Financial Statements prepare the 2007 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