Just Dew It Corporation reports the following balance sheet information for 2001 and 2002. For each account
Question:
Just Dew It Corporation reports the following balance sheet information for 2001 and 2002.
For each account on this company’s balance sheet, show the change in the account during 2002 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:
Assets Current assets Cash Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets JUST DEW IT CORPORATION Balance Sheets as of December 31, 2001 and 2002 2001 2002 $ 9,201 28,426 54,318 $ 91,945 $296,418 $388,363 $ 9,682 29,481 63,682 $102,845 $327,154 $429,999 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 2001 $ 71,802 36,108 $107,910 $ 50,000 2002 $ 56,382 50,116 $106,498 $35,000 $ 75,000 $75,000 155,453 213,501 $230,543 $288,501 $388,363 $429,999
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To determine the changes in each account during 2002 and whether they represent a source or use of cash we need to compare the balances of each item o...View the full answer
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Related Book For
Fundamentals Of Corporate Finance
ISBN: 9780072553079
6th Edition
Authors: Stephen A. Ross, Randolph Westerfield, Bradford D. Jordan
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