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Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $ 24,000 Accounts payable 3,200 Accrued liabilities payable 4,500 Notes payable (current) 26,000 Notes payable (noncurrent) 1,400 Common stock 47,000 Additional paid-in capital 108,000 Retained earnings 3,100 During the current year, the company had the following summarized activities: $18,000 3,500 6,500 48,000 10,100 90,900 40,200 a. Purchased short-term investments for $7,400 cash. b. Lent $6,500 to a supplier who signed a two-year note. c. Purchased equipment that cost $25,000; paid $4,600 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 $84,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 2,200 shares of $0.50 par value common stock for $13,000 cash. f. Borrowed $10,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,400 cash. h. Built an addition to the factory for $29,000; paid $8,700 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,400.

Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $ 24,000 Accounts payable 3,200 Accrued liabilities payable 4,500 Notes payable (current) 26,000 Notes payable (noncurrent) 1,400 Common stock 47,000 Additional paid-in capital 108,000 Retained earnings 3,100 During the current year, the company had the following summarized activities: $18,000 3,500 6,500 48,000 10,100 90,900 40,200 a. Purchased short-term investments for $7,400 cash. b. Lent $6,500 to a supplier who signed a two-year note. c. Purchased equipment that cost $25,000; paid $4,600 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 $84,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 2,200 shares of $0.50 par value common stock for $13,000 cash. f. Borrowed $10,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,400 cash. h. Built an addition to the factory for $29,000; paid $8,700 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,400.

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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Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles During the current year, the company had the following summarized activities: $ 24,000 Accounts payable 3,200 Accrued liabilities payable 4,500 Notes payable (current) 26,000 Notes payable (noncurrent) 1,400 Common stock 47,000 Additional paid-in capital 108,000 Retained earnings 3,100 a. Purchased short-term investments for $7,400 cash. b. Lent $6,500 to a supplier who signed a two-year note. c. Purchased equipment that cost $25,000; paid $4,600 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 $84,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 2,200 shares of $0.50 par value common stock for $13,000 cash. f. Borrowed $10,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,400 cash. P2-3 Part 5 h. Built an addition to the factory for $29,000; paid $8,700 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,400. 5. Prepare a classified balance sheet at December 31 of the current year. Assets JAGUAR PLASTICS COMPANY Balance Sheet $ 0 0 $18,000 3,500 6,500 48,000 10,100 90,900 40,200 0 Liabilities Stockholders' Equity $ 0 0 0 0
Transcribed Image Text:Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles During the current year, the company had the following summarized activities: $ 24,000 Accounts payable 3,200 Accrued liabilities payable 4,500 Notes payable (current) 26,000 Notes payable (noncurrent) 1,400 Common stock 47,000 Additional paid-in capital 108,000 Retained earnings 3,100 a. Purchased short-term investments for $7,400 cash. b. Lent $6,500 to a supplier who signed a two-year note. c. Purchased equipment that cost $25,000; paid $4,600 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 $84,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January 1 of next year. e. Issued an additional 2,200 shares of $0.50 par value common stock for $13,000 cash. f. Borrowed $10,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,400 cash. P2-3 Part 5 h. Built an addition to the factory for $29,000; paid $8,700 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,400. 5. Prepare a classified balance sheet at December 31 of the current year. Assets JAGUAR PLASTICS COMPANY Balance Sheet $ 0 0 $18,000 3,500 6,500 48,000 10,100 90,900 40,200 0 Liabilities Stockholders' Equity $ 0 0 0 0
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