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 apples 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 Investments (short-term) Accounts receivable $22,800 Accounts payable 3,500 Accrued liabilities payable 3,100 Notes payable (current) Inventory Notes receivable (long-term) Equipment Factory building Intangibles 33,000 Notes payable (noncurrent) 1,600 Common stock 58,000 Additional paid-in capital 94,000 Retained earnings 4,600 $20,000 3,800 7,800 46,000 10,100 90,900 41,200 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,900 cash, b. Lent $6,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $25,000; paid $5,800 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 $88,000 per year plus optlons 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 1,500 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $19,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,500 cash. h. Built an addition to the factory for $22,000; paid $7,200 in cash and signed a three-year note for the balance. I. Returned defective equipment to the manufacturer, receiving a cash refund of $2,900. P2-3 Part 5 5. Prepare a classified balance sheet at December 31 of the current year. JAGUAR PLAS TICS COMPANY Balance Sheet Assets Liabilities Stockholders' Equity
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 apples 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 Investments (short-term) Accounts receivable $22,800 Accounts payable 3,500 Accrued liabilities payable 3,100 Notes payable (current) Inventory Notes receivable (long-term) Equipment Factory building Intangibles 33,000 Notes payable (noncurrent) 1,600 Common stock 58,000 Additional paid-in capital 94,000 Retained earnings 4,600 $20,000 3,800 7,800 46,000 10,100 90,900 41,200 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,900 cash, b. Lent $6,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $25,000; paid $5,800 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 $88,000 per year plus optlons 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 1,500 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $19,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,500 cash. h. Built an addition to the factory for $22,000; paid $7,200 in cash and signed a three-year note for the balance. I. Returned defective equipment to the manufacturer, receiving a cash refund of $2,900. P2-3 Part 5 5. Prepare a classified balance sheet at December 31 of the current year. JAGUAR PLAS TICS COMPANY Balance Sheet Assets Liabilities Stockholders' Equity
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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:
$22,000 Accounts payable
3,500 Accrued liabilities payable
3,100 Notes payable (current)
33,000 Notes payable (noncurrent)
1,600 Common stock
58, 800 Additional paid-in capital
94,000 Retained earnings
4,600
$20,000
3,800
7.800
Cash
Investments (short-term)
Accounts receivable
Inventory
Notes receivable (long-term)
Equipment
Factory building
Intangibles
7,800
46,000
18,108
90,900
41, 200
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $7,900 cash.
b. Lent $6.300 to a supplier who signed a two-year note.
c. Purchased equipment that cost $25.000; paid $5,800 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 $88,000 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 1,500 shares of $0.50 par value common stock for $11,000 cash.
f. Borrowed $19,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $1,500 cash.
h. Built an addition to the factory for $22,000; paid $7,200 in cash and signed a three-year note for the balance.
i. Returned defective equipment to the manufacturer, receiving a cash refund of $2,900.
P2-3 Part 5
5. Prepare a classified balance sheet at December 31 of the current year.
JAGUAR PLASTICS COMPANY
Balance Sheet
Assets
Liabilities
of
Stockholders' Equity](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8935cc03-641a-4ee5-8734-f724219c7841%2F438f9adc-e1a3-45ce-8c51-a3a3cc454b1d%2Fcfa457p_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:
$22,000 Accounts payable
3,500 Accrued liabilities payable
3,100 Notes payable (current)
33,000 Notes payable (noncurrent)
1,600 Common stock
58, 800 Additional paid-in capital
94,000 Retained earnings
4,600
$20,000
3,800
7.800
Cash
Investments (short-term)
Accounts receivable
Inventory
Notes receivable (long-term)
Equipment
Factory building
Intangibles
7,800
46,000
18,108
90,900
41, 200
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $7,900 cash.
b. Lent $6.300 to a supplier who signed a two-year note.
c. Purchased equipment that cost $25.000; paid $5,800 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 $88,000 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 1,500 shares of $0.50 par value common stock for $11,000 cash.
f. Borrowed $19,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $1,500 cash.
h. Built an addition to the factory for $22,000; paid $7,200 in cash and signed a three-year note for the balance.
i. Returned defective equipment to the manufacturer, receiving a cash refund of $2,900.
P2-3 Part 5
5. Prepare a classified balance sheet at December 31 of the current year.
JAGUAR PLASTICS COMPANY
Balance Sheet
Assets
Liabilities
of
Stockholders' Equity
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 2 steps
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