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	$	6,600			$	12,750			Accounts payable	$	50,000			$	68,750
Accounts receivable		12,200				14,250			Notes payable		19,000				35,500
Inventory		78,200				95,250
Total	$	97,000			$	122,250			Total	$	69,000			$	104,250
									Long-term debt	$	48,000			$	45,000
									Owners equity
									Common stock and paid-in surplus	$	50,000			$	50,000
									Retained earnings		233,000				300,750
Net plant and equipment	$	303,000			$	377,750			Total	$	283,000			$	350,750
Total assets	$	400,000			$	500,000			Total liabilities and owners equity	$	400,000			$	500,000

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.)

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 $ 6,600 % 12,750 % Accounts receivable 12,200 % 14,250 % Inventory 78,200 % 95,250 % Total $ 97,000 % 122,250 % $ % 377,750 % Fixed assets Net plant and equipment Total assets Liabilities and Owners' Equity 303,000 400,000 $ % 500,000 % Current liabilities $ 50,000 % 68,750 % 19,000 % 35,500 % $ 69,000 % 104,250 % Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in surplus Accumulated retained earnings $ 48,000 % 45,000 % $ 50,000 % 50,000 % 233,000 % 300,750 % Total $ 283,000 % 350,750 % Total liabilities and owners' equity $ 400,000 % 500,000 %