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 $24,000 Accounts payable $16,000 Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) 1,500 Equipment 56,000 2,700 Accrued liabilities payable 3,700 Notes payable (current) 26,000 Notes payable (noncurrent) Long-term lease liabilities Common stock 3,500 7,600 45,000 67,000 9,400 Factory building 96,000 Additional paid-in capital 84,600 Operating lease right-of-use assets Intangible assets 135,000 Retained earnings 114,900 3,100 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,400 cash. b. Lent $5,600 to a supplier, who signed a two-year note. c. Leased equipment that cost $27,000; paid $5,300 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 $81,000 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 2,500 shares of $0.50 par value common stock for $12,000 cash. f. Borrowed $17,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,500 cash. h. Built an addition to the factory for $27,000; 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 $2,100. Required: 4. Prepare a trial balance at December 31 of the current year.
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 $24,000 Accounts payable $16,000 Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) 1,500 Equipment 56,000 2,700 Accrued liabilities payable 3,700 Notes payable (current) 26,000 Notes payable (noncurrent) Long-term lease liabilities Common stock 3,500 7,600 45,000 67,000 9,400 Factory building 96,000 Additional paid-in capital 84,600 Operating lease right-of-use assets Intangible assets 135,000 Retained earnings 114,900 3,100 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,400 cash. b. Lent $5,600 to a supplier, who signed a two-year note. c. Leased equipment that cost $27,000; paid $5,300 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 $81,000 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 2,500 shares of $0.50 par value common stock for $12,000 cash. f. Borrowed $17,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,500 cash. h. Built an addition to the factory for $27,000; 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 $2,100. Required: 4. Prepare a trial balance at December 31 of the current year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
answer must be correct or i will give down vote use table if require
![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
$24,000 Accounts payable
$16,000
Investments (short-term)
Accounts receivable
Inventory
Notes receivable (long-term)
1,500
Equipment
56,000
2,700 Accrued liabilities payable
3,700 Notes payable (current)
26,000 Notes payable (noncurrent)
Long-term lease liabilities
Common stock
3,500
7,600
45,000
67,000
9,400
Factory building
96,000 Additional paid-in capital
84,600
Operating lease right-of-use assets
Intangible assets
135,000
Retained earnings
114,900
3,100
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $8,400 cash.
b. Lent $5,600 to a supplier, who signed a two-year note.
c. Leased equipment that cost $27,000; paid $5,300 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 $81,000 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 2,500 shares of $0.50 par value common stock for $12,000 cash.
f. Borrowed $17,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $2,500 cash.
h. Built an addition to the factory for $27,000; 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 $2,100.
Required:
4. Prepare a trial balance at December 31 of the current year.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa38ba7f3-7c3f-4ea6-9a32-5968061a8a49%2Fb07f9e32-f6cf-4ed0-902f-249fe7232ad2%2Fc4mhr9q_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
$24,000 Accounts payable
$16,000
Investments (short-term)
Accounts receivable
Inventory
Notes receivable (long-term)
1,500
Equipment
56,000
2,700 Accrued liabilities payable
3,700 Notes payable (current)
26,000 Notes payable (noncurrent)
Long-term lease liabilities
Common stock
3,500
7,600
45,000
67,000
9,400
Factory building
96,000 Additional paid-in capital
84,600
Operating lease right-of-use assets
Intangible assets
135,000
Retained earnings
114,900
3,100
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $8,400 cash.
b. Lent $5,600 to a supplier, who signed a two-year note.
c. Leased equipment that cost $27,000; paid $5,300 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 $81,000 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 2,500 shares of $0.50 par value common stock for $12,000 cash.
f. Borrowed $17,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $2,500 cash.
h. Built an addition to the factory for $27,000; 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 $2,100.
Required:
4. Prepare a trial balance at December 31 of the current year.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
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