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

 

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