Question: Edit: Nothing from the question is missing Problem 3-13 Preparing Standardized Financial Statements [LO1] Just Dew It Corporation reports the following balance sheet information for

Edit: Nothing from the question is missing

Problem 3-13 Preparing Standardized Financial Statements [LO1]

Just Dew It Corporation reports the following balance sheet information for 2017 and 2018.

JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets
Assets Liabilities and Owners Equity
2017 2018 2017 2018
Current assets Current liabilities
Cash $ 6,560 $ 8,600 Accounts payable $ 51,840 $ 53,000
Accounts receivable 16,160 22,600 Notes payable 21,600 23,600
Inventory 61,280 74,600
Total $ 84,000 $ 105,800 Total $ 73,440 $ 76,600
Long-term debt $ 32,000 $ 30,000
Owners equity
Common stock and paid-in surplus $ 40,000 $ 40,000
Retained earnings 174,560 253,400
Net plant and equipment $ 236,000 $ 294,200 Total $ 214,560 $ 293,400
Total assets $ 320,000 $ 400,000 Total liabilities and owners equity $ 320,000 $ 400,000

Prepare the 2017 and 2018 common-size balance sheets for Just Dew It. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

2017 % 2018 %
Assets
Current assets
Cash $6,560 % 8,600 %
Accounts receivable 16,160 % 22,600 %
Inventory 61,280 % 74,600 %
Total $84,000 % 105,800 %
Fixed assets
Net plant and equipment $236,000 % 294,200 %
Total assets $320,000 % 400,000 %
Liabilities and Owners Equity
Current liabilities
Accounts payable $51,840 % 53,000 %
Notes payable 21,600 % 23,600 %
Total $73,440 % 76,600 %
Long-term debt $32,000 % 30,000 %
Owners' equity
Common stock and paid-in surplus $40,000 % 40,000 %
Accumulated retained earnings 174,560 % 253,400 %
Total $214,560 % 293,400 %
Total liabilities and owners' equity $320,000 % 400,000 %

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