[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 $26,000 Accounts payable 3,000 Accrued liabilities payable 3,900 Notes payable (current) 29,000 Notes payable (noncurrent) 2,900 Long-term lease liabilities 59,000 Common stock. 91,000 Additional paid-in capital 145,000 Retained earnings 3,500 $22,000 2,900 7,100 41,000 63,000 10, 100 90,900 126,300 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,800 cash. b. Lent $5,500 to a supplier, who signed a two-year note. c. Leased equipment that cost $22,000; paid $4,300 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 $79,000 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 $12,000 cash. f. Borrowed $18,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,600 cash. h. Built an addition to the factory for $21,000; paid $8,200 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,800.
[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 $26,000 Accounts payable 3,000 Accrued liabilities payable 3,900 Notes payable (current) 29,000 Notes payable (noncurrent) 2,900 Long-term lease liabilities 59,000 Common stock. 91,000 Additional paid-in capital 145,000 Retained earnings 3,500 $22,000 2,900 7,100 41,000 63,000 10, 100 90,900 126,300 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,800 cash. b. Lent $5,500 to a supplier, who signed a two-year note. c. Leased equipment that cost $22,000; paid $4,300 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 $79,000 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 $12,000 cash. f. Borrowed $18,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,600 cash. h. Built an addition to the factory for $21,000; paid $8,200 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,800.
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
$26,000 Accounts payable
3,000 Accrued liabilities payable
3,900 Notes payable (current)
29,000 Notes payable (noncurrent)
2,900 Long-term lease liabilities
59,000 Common stock
91,000 Additional paid-in capital
145,000 Retained earnings
3,500
$22,000
2,900
7,100
41,000
63,000
10, 100
90,900
126,300
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $7,800 cash.
b. Lent $5,500 to a supplier, who signed a two-year note.
c. Leased equipment that cost $22,000; paid $4,300 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 $79,000 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 $12,000 cash.
f. Borrowed $18,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $1,600 cash.
h. Built an addition to the factory for $21,000; paid $8,200 in cash and signed a three-year note for the balance.
i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,800.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F531d22d6-41e3-4ab6-9b43-fd8dca83c239%2Ffb84730a-89c1-4e74-9df0-514078c0b232%2Fswp1chd_processed.png&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
$26,000 Accounts payable
3,000 Accrued liabilities payable
3,900 Notes payable (current)
29,000 Notes payable (noncurrent)
2,900 Long-term lease liabilities
59,000 Common stock
91,000 Additional paid-in capital
145,000 Retained earnings
3,500
$22,000
2,900
7,100
41,000
63,000
10, 100
90,900
126,300
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $7,800 cash.
b. Lent $5,500 to a supplier, who signed a two-year note.
c. Leased equipment that cost $22,000; paid $4,300 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 $79,000 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 $12,000 cash.
f. Borrowed $18,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $1,600 cash.
h. Built an addition to the factory for $21,000; paid $8,200 in cash and signed a three-year note for the balance.
i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,800.
Transcribed Image Text:JAGUAR PLASTICS COMPANY
Balance Sheet
Assets
Liabilities
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