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 Operating lease right-of-use assets Intangible assets $24,000 Accounts payable 3,000 Accrued liabilities payable 3,300 Notes payable (current) 29,000 Notes payable (noncurrent) 2,400 Long-term lease liabilities 49,000 Common stock 97,000 Additional paid-in capital 130,000 Retained earnings 4,400 $22,000 2,100 6,600 40,000 65,000 10,300 92,700 103,400 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,400 cash. b. Lent $6,400 to a supplier, who signed a two-year note. c. Leased equipment that cost $26,000; paid $5,000 cash and signed a five-year right-of-use lease for the balance. d. Hired a new president at the end of the year. The contract was for $83,000 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. wired: repare a classified balance sheet at December 31 of the current year. e. Issued an additional 2,000 shares of $0.50 par value common stock for $12,000 cash. f. Borrowed $14,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,300 cash. h. Built an addition to the factory for $29,000; 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 $3,900.
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 Operating lease right-of-use assets Intangible assets $24,000 Accounts payable 3,000 Accrued liabilities payable 3,300 Notes payable (current) 29,000 Notes payable (noncurrent) 2,400 Long-term lease liabilities 49,000 Common stock 97,000 Additional paid-in capital 130,000 Retained earnings 4,400 $22,000 2,100 6,600 40,000 65,000 10,300 92,700 103,400 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,400 cash. b. Lent $6,400 to a supplier, who signed a two-year note. c. Leased equipment that cost $26,000; paid $5,000 cash and signed a five-year right-of-use lease for the balance. d. Hired a new president at the end of the year. The contract was for $83,000 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. wired: repare a classified balance sheet at December 31 of the current year. e. Issued an additional 2,000 shares of $0.50 par value common stock for $12,000 cash. f. Borrowed $14,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,300 cash. h. Built an addition to the factory for $29,000; 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 $3,900.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
Operating lease right-of-use assets
Intangible assets
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $7,400 cash.
b. Lent $6,400 to a supplier, who signed a two-year note.
c. Leased equipment that cost $26,000; paid $5,000 cash and signed a five-year right-of-use lease for the balance.
d. Hired a new president at the end of the year. The contract was for $83,000 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 2,000 shares of $0.50 par value common stock for $12,000 cash.
f. Borrowed $14,000 cash from a local bank, payable in three months.
$24,000 Accounts payable
3,000 Accrued liabilities payable.
3,300 Notes payable (current)
29,000 Notes payable (noncurrent)
2,400 Long-term lease liabilities.
49,000 Common stock
97,000 Additional paid-in capital
130,000 Retained earnings
4,400
uired:
repare a classified balance sheet at December 31 of the current year.
JAGUAR PLASTICS COMPANY
Balance Sheet
g. Purchased a patent (an intangible asset) for $1,300 cash.
h. Built an addition to the factory for $29,000; 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 $3,900.
Assets
Liabilities
$22,000
2,100
6,600
40,000
65,000
Stockholders' Equity
10,300
92,700
103,400](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fde691d25-abdb-4e18-9f47-c84c7f16fed1%2F967af68e-5624-423d-a5bb-a1bd0ce038f5%2F2txb4xx_processed.jpeg&w=3840&q=75)
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
Operating lease right-of-use assets
Intangible assets
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $7,400 cash.
b. Lent $6,400 to a supplier, who signed a two-year note.
c. Leased equipment that cost $26,000; paid $5,000 cash and signed a five-year right-of-use lease for the balance.
d. Hired a new president at the end of the year. The contract was for $83,000 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 2,000 shares of $0.50 par value common stock for $12,000 cash.
f. Borrowed $14,000 cash from a local bank, payable in three months.
$24,000 Accounts payable
3,000 Accrued liabilities payable.
3,300 Notes payable (current)
29,000 Notes payable (noncurrent)
2,400 Long-term lease liabilities.
49,000 Common stock
97,000 Additional paid-in capital
130,000 Retained earnings
4,400
uired:
repare a classified balance sheet at December 31 of the current year.
JAGUAR PLASTICS COMPANY
Balance Sheet
g. Purchased a patent (an intangible asset) for $1,300 cash.
h. Built an addition to the factory for $29,000; 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 $3,900.
Assets
Liabilities
$22,000
2,100
6,600
40,000
65,000
Stockholders' Equity
10,300
92,700
103,400
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