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 $22,000 Accounts payable 3,000 Accrued liabilities payable 3,000 Notes payable (current) 20,000 Notes payable (noncurrent) 1,000 Long-term lease liabilities 50,000 Common stock 90,000 Additional paid-in capital Retained earnings 140,000 5,000 $15,000 4,000 7,000 87,000 63,000 10,000 117,000 31,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $10,000 cash. b. Lent $5,000 to a supplier, who signed a two-year note. c. Leased equipment that cost $18,000; paid $5,000 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 $85,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January of next year. e. Issued an additional 2,000 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $9,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $3,000 cash. h. Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1000
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 $22,000 Accounts payable 3,000 Accrued liabilities payable 3,000 Notes payable (current) 20,000 Notes payable (noncurrent) 1,000 Long-term lease liabilities 50,000 Common stock 90,000 Additional paid-in capital Retained earnings 140,000 5,000 $15,000 4,000 7,000 87,000 63,000 10,000 117,000 31,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $10,000 cash. b. Lent $5,000 to a supplier, who signed a two-year note. c. Leased equipment that cost $18,000; paid $5,000 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 $85,000 per year plus options to purchase company stock at a set price based on company performance. The new president begins her position on January of next year. e. Issued an additional 2,000 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $9,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $3,000 cash. h. Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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
$22,000 Accounts payable
3,000 Accrued liabilities payable
3,000 Notes payable (current)
20,000 Notes payable (noncurrent)
1,000 Long-term lease liabilities
50,000 Common stock
90,000 Additional paid-in capital
140,000 Retained earnings
5,000
$15,000
4,000
7,000
87,000
63,000
10,000
117,000
31,000
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $10,000 cash.
b. Lent $5,000 to a supplier, who signed a two-year note.
c. Leased equipment that cost $18,000; paid $5,000 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 $85,000 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 2,000 shares of $0.50 par value common stock for $11,000 cash.
f. Borrowed $9,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $3,000 cash.
h. Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance.
i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F492121c0-3843-4585-9c4f-58f7a1b7b43d%2Fd028077c-8a89-4e98-bc91-dda97f14a6d4%2Ftee1c2gi_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
$22,000 Accounts payable
3,000 Accrued liabilities payable
3,000 Notes payable (current)
20,000 Notes payable (noncurrent)
1,000 Long-term lease liabilities
50,000 Common stock
90,000 Additional paid-in capital
140,000 Retained earnings
5,000
$15,000
4,000
7,000
87,000
63,000
10,000
117,000
31,000
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $10,000 cash.
b. Lent $5,000 to a supplier, who signed a two-year note.
c. Leased equipment that cost $18,000; paid $5,000 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 $85,000 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 2,000 shares of $0.50 par value common stock for $11,000 cash.
f. Borrowed $9,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $3,000 cash.
h. Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance.
i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000.
Transcribed Image Text:5. Prepare a classified balance sheet at December 31 of the current year.
JAGUAR PLASTICS COMPANY
Balance Sheet
Assets
Liabilities
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