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Corporation reports the following balance sheet information for 2017 and 2018 Assets 2017 2018 Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 14,105 Accounts payable $ 46,382 32,815 Notes payable 18,246 57,204 $ 12,157 29,382 54,632 $ 49,276 19,784 Total $ 96,171 $ 104,124 Total $ 64,628 $ 69,060 Long-term debt $ 49,000 $ 45,000 Owners' equity Common stock and paid in surplus Retained earnings $ 50,000 299,784 $ 50
Corporation reports the following balance sheet information for 2017 and 2018 Assets 2017 2018 Current assets Cash Accounts receivable Inventory JUST DEW IT CORPORATION 2017 and 2018 Balance Sheets Liabilities and Owners' Equity 2018 2017 Current liabilities $ 14,105 Accounts payable $ 46,382 32,815 Notes payable 18,246 57,204 $ 12,157 29,382 54,632 $ 49,276 19,784 Total $ 96,171 $ 104,124 Total $ 64,628 $ 69,060 Long-term debt $ 49,000 $ 45,000 Owners' equity Common stock and paid in surplus Retained earnings $ 50,000 299,784 $ 50.000 315,894 Net plant and equipment $367,241 $375,830 Total $349,784 $365,894 Total assets $463,412 $479,954 Total liabilities and owners' equity $463,412 $479,954 Prepare the 2018 common-base year balance sheet for Just Dew It. (Do not round intermediate calculations and round your answers to 4 decimal places, e.g., 32.1616.) Answer is complete but not entirely correct.
Prepare the 2018 common-base year balance sheet for Just Dew it. (Do not round Intermediate calculations and round your answers to 4 decimal places, e.g.. 32.1616.) Answer is complete but not entirely correct. 2017 2018 Is $ 12,157 29,382 54,632 96,171 14,105 32.815 57 204 104.124 116.0237 111.6840 % 104.7079 108.2696 $ $ $ 367,241 $ 463,412 $ $ 375,830 479,954 102.3388 103,5696 Assets Current assets Cash 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 Accumulated retained earings $ $ 46,382 18,246 64,628 49,000 49,276 19,784 69,060 45,000 106.2395 108.4292 106.8577 IS $ $ $ 91.8367 X $ $ 50,000 299,784 349,784 463,412 50,000 315,894 365,894 479,954 100.0000 105.3739 104.6057 X 103.5696 Total s $ Is Total liabilities and owners' equity $
Expert Solution
The common base year ratios in a common base year balance sheet are prepared using the formula
= Value of the Asset or liability as per the Common Year / Value of the Asset or liability as per the Base Year
= Value of the Asset or liability in 2018 / Value of the Asset or liability in 2017
For example:
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1.As per the Information given in the question
The base year is 2017 and the common year is 2018
We know that Cash in the Year 2018 = $ 14,105 and Cash in the Year 2017 = $ 12,517
Thus the Common base year ratio of Cash shall be = $ 14,105 / $ 12,157 = 1.1602
2.As per the Information given in the question
The base year is 2017 and the common year is 2018
We know that Accounts payable in the Year 2018 = $ 49,276 and Accounts payable in the Year 2017 = $ 46,382
Thus the Common base year ratio of Accounts payable shall be = $ 49,276 / $ 46,382 = 1.0624
Similarly the values for the other balance sheet items can be obtained using the above process.
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