Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accountingrecords reflected the following: Cash $22,000 Accounts payable $15,000 Investments (short-term) 3,000Accrued liabilities payable 4,000 Accounts receivable 3,000 Notes payable (current) 7,000 Inventory 20,000Notes payable (noncurrent) 87,000 Notes receivable (long-term) 1,000 Long-term lease liabilities 63,000Equipment 50,000 Common stock 10,000 Factory building 90,000 Additional paid - in capital 117,000Operating lease right - of - use assets 140,000 Retained earnings 31,000 Intangible assets 5,000 During thecurrent year, the company had the following summarized activities: Purchased short-term investments for $10,000 cash. Lent $5,000 to a supplier, who signed a two-year note. Leased equipment that cost $18,000;paid $5,000 cash and signed a five-year right-of-use lease for the balance. Hired a new president at theend of the year. The contract was for $85,000 per year plus options to purchase company stock at a set pricebased on company performance. The new president begins her position on January 1 of next year. Issued anadditional 2, 000 shares of $0.50 par value common stock for $11,000 cash. Borrowed $9,000 cash from alocal bank, payable in three months. Purchased a patent (an intangible asset) for $3,000 cash. Built anaddition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance.Returned defective equipment to the manufacturer, receiving a cash refund of $1,000.

The balance sheet is an important financial report for the company as well as its users. The balance…

Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash $22, 000 Accounts payable $15, 000 Investments (short-term) 3,000

Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash $22, 000 Accounts payable $15, 000 Investments (short-term) 3,000

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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