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Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long- term) Equipment Factory building Intangibles During the ONE 5. Prepare a classified balance sheet at December 31, 2015. Current assets $23,000 Accounts payable 2.200 Accrued liabilities payable 4,100 Notes payable (short-term) 26,000 Notes payable (long-term) 1,100 Common stock 52,000 Additional paid-in capital 92,000 Retained earnings 4,500 Assets Total current assets Non-current assets Total non-current assets Total assets During the year 2015, the company had the following summarized activities: a. Purchased short-term investments for $8,100 cash. b. Lent $5,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $20,000; paid $4,400 cash and signed a one-year note for the balance. d. Hired a new president at the end of the year. The contract was for $90,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 1,800 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $19,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,600 cash. h. Built an addition to the factory for $27,000; paid $8,100 in cash and signed a three- year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $3,800. COUGAR PLASTICS COMPANY Balance Sheet At December 31, 2015) S ✪ 0 Current liabilities $ Total current liabilities Total liabilities 13,000 2.300 7.200 40,000 9,900 89,100 43,400 Liabilities D Stockholders' Equity 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 0 0 0

Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long- term) Equipment Factory building Intangibles During the ONE 5. Prepare a classified balance sheet at December 31, 2015. Current assets $23,000 Accounts payable 2.200 Accrued liabilities payable 4,100 Notes payable (short-term) 26,000 Notes payable (long-term) 1,100 Common stock 52,000 Additional paid-in capital 92,000 Retained earnings 4,500 Assets Total current assets Non-current assets Total non-current assets Total assets During the year 2015, the company had the following summarized activities: a. Purchased short-term investments for $8,100 cash. b. Lent $5,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $20,000; paid $4,400 cash and signed a one-year note for the balance. d. Hired a new president at the end of the year. The contract was for $90,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 1,800 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $19,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,600 cash. h. Built an addition to the factory for $27,000; paid $8,100 in cash and signed a three- year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $3,800. COUGAR PLASTICS COMPANY Balance Sheet At December 31, 2015) S ✪ 0 Current liabilities $ Total current liabilities Total liabilities 13,000 2.300 7.200 40,000 9,900 89,100 43,400 Liabilities D Stockholders' Equity 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 0 0 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long- term) Equipment Factory building Intangibles During the unr 30 Current assets $23,000 Accounts payable 2.200 Accrued liabilities payable 4,100 Notes payable (short-term) 26,000 Notes payable (long-term) 5. Prepare a classified balance sheet at December 31, 2015. Assets 1,100 Common stock 52,000 Additional paid-in capital 92,000 Retained earnings 4,500 Total current assets Non-current assets Total non-current assets Total assets During the year 2015, the company had the following summarized activities: a. Purchased short-term investments for $8,100 cash. b. Lent $5,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $20,000; paid $4,400 cash and signed a one-year note for the balance. d. Hired a new president at the end of the year. The contract was for $90,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 1,800 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $19,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,600 cash. h. Built an addition to the factory for $27,000; paid $8,100 in cash and signed a three- year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,800. COUGAR PLASTICS COMPANY Balance Sheet At December 31, 2015 $ + 0 Current liabilities $ Total current liabilities Total liabilities 13,000 2.300 7.200 40,000 9,900 89,100 43,400 Liabilities D Stockholders' Equity 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 0 0 0
Transcribed Image Text:Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long- term) Equipment Factory building Intangibles During the unr 30 Current assets $23,000 Accounts payable 2.200 Accrued liabilities payable 4,100 Notes payable (short-term) 26,000 Notes payable (long-term) 5. Prepare a classified balance sheet at December 31, 2015. Assets 1,100 Common stock 52,000 Additional paid-in capital 92,000 Retained earnings 4,500 Total current assets Non-current assets Total non-current assets Total assets During the year 2015, the company had the following summarized activities: a. Purchased short-term investments for $8,100 cash. b. Lent $5,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $20,000; paid $4,400 cash and signed a one-year note for the balance. d. Hired a new president at the end of the year. The contract was for $90,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 1,800 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $19,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,600 cash. h. Built an addition to the factory for $27,000; paid $8,100 in cash and signed a three- year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,800. COUGAR PLASTICS COMPANY Balance Sheet At December 31, 2015 $ + 0 Current liabilities $ Total current liabilities Total liabilities 13,000 2.300 7.200 40,000 9,900 89,100 43,400 Liabilities D Stockholders' Equity 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 0 0 0
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