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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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