Required information (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 Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Operating lease right-of-use assets Intangible assets $23,000 Accounts payable 2,200 Accrued liabilities payable 3,900 Notes payable (current) 29,000 Notes payable (noncurrent) 2,100 Long-term lease liabilities 52,000 Common stock 106,000 Additional paid-in capital 140,000 Retained earnings 4,700 e. Issued an additional 2,900 shares of $0.50 par value common stock for $15,000 cash f. Borrowed $12,000 cash from a local bank, payable in three months $13,000 3,500 7,100 49,000 68,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,000 cash, b. Lent $5,900 to a supplier, who signed a two-year note, c Leased equipment that cost $24,000; paid $5,100 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 $76,000 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. Required: 5. Prepare a classified balance sheet at December 31 of the current year. 10,400 93,600 118,300 9. Purchased a patent (an intangible asset) for $2,200 cash h. Built an addition to the factory for $29,000; paid $8,500 in cash and signed a three-year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $2,700.
Required information (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 Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Operating lease right-of-use assets Intangible assets $23,000 Accounts payable 2,200 Accrued liabilities payable 3,900 Notes payable (current) 29,000 Notes payable (noncurrent) 2,100 Long-term lease liabilities 52,000 Common stock 106,000 Additional paid-in capital 140,000 Retained earnings 4,700 e. Issued an additional 2,900 shares of $0.50 par value common stock for $15,000 cash f. Borrowed $12,000 cash from a local bank, payable in three months $13,000 3,500 7,100 49,000 68,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,000 cash, b. Lent $5,900 to a supplier, who signed a two-year note, c Leased equipment that cost $24,000; paid $5,100 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 $76,000 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. Required: 5. Prepare a classified balance sheet at December 31 of the current year. 10,400 93,600 118,300 9. Purchased a patent (an intangible asset) for $2,200 cash h. Built an addition to the factory for $29,000; paid $8,500 in cash and signed a three-year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $2,700.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Required information
[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
Investments (short-term))
Accounts receivable
Inventory.
Notes receivable (long-term)
Equipment
Factory building
Operating lease right-of-use assets
Intangible assets
$23,000 Accounts payable
2,200 Accrued liabilities payable
3,900 Notes payable (current)
29,000 Notes payable (noncurrent)
2,108 Long-term lease liabilities
52,000 Common stock
106,000 Additional paid-in capital
140,000 Retained earnings
4,700
$13,000
3,500
7,100
49,000
68,000
10,400.
Required:
5. Prepare a classified balance sheet at December 31 of the current year.
93,608
118,300
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $8,000 cash.
b. Lent $5,900 to a supplier, who signed a two-year note.
c Leased equipment that cost $24,000; paid $5,100 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 $76,000 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 2,900 shares of $0.50 par value common stock for $15,000 cash.
t Borrowed $12,000 cash from a local bank, payable in three months
9. Purchased a patent (an intangible asset) for $2.200 cash
h. Built an addition to the factory for $29,000; paid $8,500 in cash and signed a three-year note for the balance.
L. Returned defective equipment to the manufacturer, receiving a cash refund of $2,700.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2ab74569-70f5-4bf0-ad10-1277dcfb2761%2F5fd2cda0-2d46-4ad8-a80b-3be7838cd9c7%2F3nnchem_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[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
Investments (short-term))
Accounts receivable
Inventory.
Notes receivable (long-term)
Equipment
Factory building
Operating lease right-of-use assets
Intangible assets
$23,000 Accounts payable
2,200 Accrued liabilities payable
3,900 Notes payable (current)
29,000 Notes payable (noncurrent)
2,108 Long-term lease liabilities
52,000 Common stock
106,000 Additional paid-in capital
140,000 Retained earnings
4,700
$13,000
3,500
7,100
49,000
68,000
10,400.
Required:
5. Prepare a classified balance sheet at December 31 of the current year.
93,608
118,300
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $8,000 cash.
b. Lent $5,900 to a supplier, who signed a two-year note.
c Leased equipment that cost $24,000; paid $5,100 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 $76,000 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 2,900 shares of $0.50 par value common stock for $15,000 cash.
t Borrowed $12,000 cash from a local bank, payable in three months
9. Purchased a patent (an intangible asset) for $2.200 cash
h. Built an addition to the factory for $29,000; paid $8,500 in cash and signed a three-year note for the balance.
L. Returned defective equipment to the manufacturer, receiving a cash refund of $2,700.
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