P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 [The following information applies to the questions displayed below.] Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash $20,000 Accounts payable $19,000 2,600 Investments (short-term) Accounts receivable 3,300 Accrued liabilities payable 3,600 Notes payable (current) 6,000 Inventory 49,000 25,000 Notes payable (noncurrent) 1,500 Common stock Notes receivable (long-term) 10, 200 Equipment 45,000 Additional paid-in capital 97,000 Retained earnings 4,800 91,800 21,600 Factory building Intangibles During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,800 cash. b. Lent $6,100 to a supplier who signed a two-year note. c. Purchased equipment that cost $22,000; paid $5,000 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 $79,000 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 1,300 shares of $0.50 par value common stock for $12,000 cash. f. Borrowed $19,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,700 cash. h. Built an addition to the factory for $27,000; paid $8,800 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.
P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 [The following information applies to the questions displayed below.] Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash $20,000 Accounts payable $19,000 2,600 Investments (short-term) Accounts receivable 3,300 Accrued liabilities payable 3,600 Notes payable (current) 6,000 Inventory 49,000 25,000 Notes payable (noncurrent) 1,500 Common stock Notes receivable (long-term) 10, 200 Equipment 45,000 Additional paid-in capital 97,000 Retained earnings 4,800 91,800 21,600 Factory building Intangibles During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,800 cash. b. Lent $6,100 to a supplier who signed a two-year note. c. Purchased equipment that cost $22,000; paid $5,000 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 $79,000 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 1,300 shares of $0.50 par value common stock for $12,000 cash. f. Borrowed $19,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,700 cash. h. Built an addition to the factory for $27,000; paid $8,800 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
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Question
Please show to do complete a balance sheet?
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### Required Information
#### P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5
**[The following information applies to the questions displayed below.]**
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following:
| | | | |
|---|---|---|---|
| Cash | $20,800 | Accounts payable | $19,000 |
| Investments (short-term) | $6,200 | Accrued liabilities payable | $2,600 |
| Accounts receivable | $3,600 | Notes payable (current) | $6,000 |
| Inventory | $25,000 | Notes payable (noncurrent) | $49,000 |
| Notes receivable (long-term) | $6,000 | Common stock | $10,200 |
| Equipment | $54,000 | Additional paid-in capital | $91,800 |
| Factory building | $97,800 | Retained earnings | $21,600 |
| Intangibles | $4,800 | | |
| | | | |
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $8,800 cash.
b. Lent $6,100 to a supplier who signed a two-year note.
c. Purchased equipment that cost $22,000; paid $5,000 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 $79,000 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 1,300 shares of $0.50 par value common stock for $12,000 cash.
f. Borrowed $19,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $17,000 cash.
h. Built an addition to the factory for $27,000; paid $8,800 in cash and signed a three-year note for the balance.
i. Returned defective equipment to](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F266d5c88-4132-4eca-8561-6ebd3b0393f5%2F91cc1e4c-9bc2-4d95-8a8b-c3e1c4010522%2F6hl42s_processed.png&w=3840&q=75)
Transcribed Image Text:---
### Required Information
#### P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5
**[The following information applies to the questions displayed below.]**
Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following:
| | | | |
|---|---|---|---|
| Cash | $20,800 | Accounts payable | $19,000 |
| Investments (short-term) | $6,200 | Accrued liabilities payable | $2,600 |
| Accounts receivable | $3,600 | Notes payable (current) | $6,000 |
| Inventory | $25,000 | Notes payable (noncurrent) | $49,000 |
| Notes receivable (long-term) | $6,000 | Common stock | $10,200 |
| Equipment | $54,000 | Additional paid-in capital | $91,800 |
| Factory building | $97,800 | Retained earnings | $21,600 |
| Intangibles | $4,800 | | |
| | | | |
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $8,800 cash.
b. Lent $6,100 to a supplier who signed a two-year note.
c. Purchased equipment that cost $22,000; paid $5,000 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 $79,000 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 1,300 shares of $0.50 par value common stock for $12,000 cash.
f. Borrowed $19,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $17,000 cash.
h. Built an addition to the factory for $27,000; paid $8,800 in cash and signed a three-year note for the balance.
i. Returned defective equipment to
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