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