60.1K

Verified Solution

Link Copied!

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-tere) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $23,000 accounts payable 2,300 Accrued liabilities payable 3,300 Notes payable (current) 32,000 Notes payable (noncurrent) 1,700 Common stock 54,000 Additional paid-in capital 92,000 Retained earnings 3,100 During the current year, the company had the following summarized activities a. Purchased short-term investments for $7.900 cash b Lent $5,900 to a supplier who signed a two-year note 2,300 7,200 49,000 10,200 91,000 29,400 c. Purchased equipment that cost $27,000 paid $4,300 cash and signed a one-year note for the balance d. Hired a new president at the end of the year. The contract was for $87.000 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 2.800 shares of $0.50 par value common stock for $12,000 cash f. Borrowed $16,000 cash from a local bank payable in three months g. Purchased a patent (an Intangible asset for $2.600 cash h. Built an addition to the factory for $30,000: paid $8.200 in cash and signed a three-year note for the balance LReturned defective equipment to the manufacturer, receiving a cash refund of $3.400 5. Prepare a classified balance sheet at December 31 of the current year JAGUAR PLASTICS COMPANY Assets Balance Sheet Liabilities + Stockholders' Equity

Answer & Explanation Solved by verified expert

See Answer