Required information[The following information applies to the questions displayed below.]Cougar Plastics Company has been operating for three years. At December 31, 2014, theaccounting records reflected the following:Cash$ 23,000 Accounts payable19,000$Investments (short-term)3,5004,000 Accrued liabilities payableNotes payable (short-term)Accounts receivable4,8005,30047,000Inventory26,000 Notes payable (long-term)10,700Notes receivable (long-term)2,000 Common stock96,300Equipment53,000 Additional paid-in capital43,300Factory buildingIntangibles108,000 Retained earnings4,300During the year 2015, the company had the following summarized activities:a. Purchased short-term investments for $7,100 cash.b. Lent $5,200 to a supplier who signed a two-year note.c. Purchased equipment that cost $18,000; paid $5,200 cash and signed a one-yearnote for the balance.d. Hired a new president at the end of the year. The contract was for $94,000 per yearplus options to purchase company stock at a set price based on companyperformance.e. Issued an additional 1,500 shares of $0.50 par value common stock for $18,000 cash.f. Borrowed $15,000 cash from a local bank, payable in three months.g. Purchased a patent (an intangible asset) for $1,200 cash.h. Built an addition to the factory for $26,000; paid $8,900 in cash and signed a three-year note for the balance.i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,900.5. Prepare a classified balance sheet at December 31, 2015.COUGAR PLASTICS COMPANYBalance SheetAt December 31, 2015AssetsCurrent assets:Total current assetsNon-current assets:Total non-current assetsTotal assets$0Current liabilities:LiabilitiesTotal current liabilitiesTotal liabilitiesStockholders' Equity0 Total stockholders' equity0 Total liabilities and stockholders' equity$0000

Classified balance sheet:- It presents the assets, liabilities, and shareholders' equity into…

Required information [The following information applies to the questions displayed below.] Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash $ 23,000 Accounts payable 19,000 $ Investments (short-term) 3,500 4,000 Accrued liabilities payable Notes payable (short- term) Accounts receivable 4,800 5,300 47,000 Inventory 26,000 Notes payable (long-term) 10,700 Notes receivable (long- term) 2,000 Common stock 96,300 Equipment 53,000 Additional paid-in capital 43,300 Factory building 108,000 Retained earnings Intangibles 4,300 During the year 2015, the company had the following summarized activities:

Required information [The following information applies to the questions displayed below.] Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash $ 23,000 Accounts payable 19,000 $ Investments (short-term) 3,500 4,000 Accrued liabilities payable Notes payable (short- term) Accounts receivable 4,800 5,300 47,000 Inventory 26,000 Notes payable (long-term) 10,700 Notes receivable (long- term) 2,000 Common stock 96,300 Equipment 53,000 Additional paid-in capital 43,300 Factory building 108,000 Retained earnings Intangibles 4,300 During the year 2015, the company had the following summarized activities:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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