Solution-Preparing standardized financial statements

Preparing standardized financial statements

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Reference no: EM131051525

Preparing Standardized Financial Statements

JUST DEW IT CORPORATION Balance Sheets as of December 31, 2001 and 2002
	2001	2002		2001	2002
Assets			Liabilities and Owners' Equity
Current assets			Current liabilities
Cash	$ 9,201	$ 9,682	Accounts payable	$ 71,802	$ 56,382
Accounts receivable	28,426	29,481	Notes payable	36,108	50,116
Inventory	54,318	63,682	Total	$107,910	$106,498
Total	$ 91,945	$102,845	Long-term debt	$ 50,000	$ 35,000
Fixed assets			Owners' equity
Net plant and equipment	$296,418	$327,154	Common stock and
Total assets	$388,363	$429,999	paid-in surplus	$ 75,000	$ 75,000
			Retained earnings	155,453	213,501
			Total	$230,543	$288,501
			Total liabilities and owners' equity	$388,363	$429,999

Reference no: EM131051525

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Preparing standardized financial statements

Reference no: EM131051525

Reference no: EM131051525

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