[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. 3,400 Accrued liabilities payable 4,400 Notes payable (current) 32,000 Notes payable (noncurrent) 1,400 Long-term lease liabilities 48,000 Common stock 108,000 Additional paid-in capital 135,000 Retained earnings 3,500 e. Issued an additional 2,100 shares of $0.50 par value common stock for $17,000 cash. f. Borrowed $11,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,200 cash. $19,000 3,300 6,900 47,000- 66,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,300 cash. b. Lent $6,700 to a supplier, who signed a two-year note. c. Leased equipment that cost $20,000; paid $4,400 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 $91,000 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. 9,200 82,800 123,500 equired: . Prepare a classified balance sheet at December 31 of the current year. h. Built an addition to the factory for $28,000; paid $7,800 in cash and signed a three-year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $1,400.
[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. 3,400 Accrued liabilities payable 4,400 Notes payable (current) 32,000 Notes payable (noncurrent) 1,400 Long-term lease liabilities 48,000 Common stock 108,000 Additional paid-in capital 135,000 Retained earnings 3,500 e. Issued an additional 2,100 shares of $0.50 par value common stock for $17,000 cash. f. Borrowed $11,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,200 cash. $19,000 3,300 6,900 47,000- 66,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,300 cash. b. Lent $6,700 to a supplier, who signed a two-year note. c. Leased equipment that cost $20,000; paid $4,400 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 $91,000 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. 9,200 82,800 123,500 equired: . Prepare a classified balance sheet at December 31 of the current year. h. Built an addition to the factory for $28,000; paid $7,800 in cash and signed a three-year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $1,400.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[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
3,400 Accrued liabilities payable
Notes payable (current)
4,400
32,000
Notes payable (noncurrent)
1,400 Long-term lease liabilities.
48,000 Common stock.
108,000 Additional paid-in capital
135,000 Retained earnings
3,500
e. Issued an additional 2,100 shares of $0.50 par value common stock for $17,000 cash.
f. Borrowed $11,000 cash from a local bank, payable in three months.
$19,000
3,300
6,900
47,000.
66,000
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $7,300 cash.
b. Lent $6,700 to a supplier, who signed a two-year note.
c. Leased equipment that cost $20,000; paid $4,400 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 $91,000 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.
9,200
82,800
123,500
Required:
5. Prepare a classified balance sheet at December 31 of the current year.
g. Purchased a patent (an intangible asset) for $2,200 cash.
h. Built an addition to the factory for $28,000; paid $7,800 in cash and signed a three-year note for the balance.
1. Returned defective equipment to the manufacturer, receiving a cash refund of $1,400.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8868685d-db6b-42ee-8763-d30829dbb190%2F8542e1ee-68a3-42dd-bec8-a3aa309aaa83%2Fu01eyyi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[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
3,400 Accrued liabilities payable
Notes payable (current)
4,400
32,000
Notes payable (noncurrent)
1,400 Long-term lease liabilities.
48,000 Common stock.
108,000 Additional paid-in capital
135,000 Retained earnings
3,500
e. Issued an additional 2,100 shares of $0.50 par value common stock for $17,000 cash.
f. Borrowed $11,000 cash from a local bank, payable in three months.
$19,000
3,300
6,900
47,000.
66,000
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $7,300 cash.
b. Lent $6,700 to a supplier, who signed a two-year note.
c. Leased equipment that cost $20,000; paid $4,400 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 $91,000 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.
9,200
82,800
123,500
Required:
5. Prepare a classified balance sheet at December 31 of the current year.
g. Purchased a patent (an intangible asset) for $2,200 cash.
h. Built an addition to the factory for $28,000; paid $7,800 in cash and signed a three-year note for the balance.
1. Returned defective equipment to the manufacturer, receiving a cash refund of $1,400.
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