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
Problem 1Q
Related questions
Topic Video
Question
Please answer do not image format
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education