Sources and Uses of Cash [LO1] For each account on this company’s balance sheet, show the change in the account during 2018 and note whether this change was a source or use of cash. Do your numbers add up and make sense? Explain your answer for total assets as compared to your answer for total liabilities and owners’ equity.

Transcribed Image Text:

JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities Cash 12,157 $ 14,105 Accounts payable $ 46,382 $ 49,276 Accounts receivable 29,382 32,815 Notes payable 18,246 19,784 Inventory 54.632 57,204 Total $ 64,628 $ 69.060 Total $ 96,171 $ 104.124 Long-term debt $ 49,000 $ 45,000 Owners' equity Common stock and paid-in surplus $ 50,000 $ 50,000 Retained carnings 299,784 _315,894 Net plant and equipment $ 367,241 $ 375,830 Total $ 349,784 $ 365,894 Total assets $ 463,412 $ 479.954 Total liabilities and owners' equity $ 463,412 $ 479,954