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Problem 3-13 Preparing Standardized Financial Statements (LO1) Just Dew It Corporation reports the following balance sheet information for 2020 and 2021 2020 2021 Assets Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2020 2021 Liabilities and Owners' Equity Current liabilities $ 6,560 $8,600 Accounts payable 16,160 22,600 Notes payable 61,280 74,60 $ 51,840 $ 53,000 21,600 23,600 Total $ 84,000 $ 105,800 Total $ 73,440 $ 76,600 5 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 2020 and 2021 common-size balance sheets for Just Dew it. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) 2020 % 2021 % Assets Current assets Cash $ % 6,560 16,160 61,280 84,000 % $ % % % $ 8,600 22,600 74,600 105,800 % % us % % $ $ 236,000 320,000 $ $ 294,200 400,000 % % Accounts receivable Inventory Total Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Retained earings Total Total liabilities and owners' equity $ % $ % % 51,840 21,600 73,440 32,000 53,000 23,600 76,600 30,000 % % % $ % $ $ % % $ % % % 40,000 174,560 214,560 320,000 40,000 253,400 293,400 400,000 $ % $ % S % $ %