I am still having trouble figuring out the wrong parts of this.Can someone help please. For some reason I keep getting X/red. Iposted this
question before and got an answer, but it was stillcoming up wrong.
- I Am Still Having Trouble Figuring Out The Wrong Parts Of This Can Someone Help Please For Some Reason I Keep Getting 1 (59.04 KiB) Viewed 10 times
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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 $28,000 Accounts payable 2,500 Accrued liabilities payable 3,600 Notes payable (current) 34,000 Notes payable (noncurrent) 2,800 Long-term lease liabilities 48,000 Common stock 93,000 Additional paid-in capital 145,000 Retained earnings 3,800 $19,000 3,500 7,800 43,000 59,000 Required: 5. Prepare a classified balance sheet at December 31 of the current year. 10,500 94,500 123,400 During the current year, the
company had the following summarized activities: a. Purchased short-term investments for $8,800 cash. b. Lent $5,500 to a supplier, who signed a two-year note. c. Leased equipment that cost $25,000; paid $4,700 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 $95,000 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 2,400 shares of $0.50 par value common stock for $13,000 cash. f. Borrowed $20,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,500 cash. h. Built an addition to the factory for $28,000; paid $7,600 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $2,800.
JAGUAR PLASTICS
COMPANY Balance Sheet At December 31 Assets Current assets: Cash Investments Accounts receivable Inventory Total current assets Non-current assets: Notes receivable Equipment Factory building Operating lease right-of-use assets Intangible assets Total non-current assets Total assets Liabilities 11,300 3,600 34,000 48,900 8,300 73,000 X 121,000 124,700 X 5,300 332,300 $ 381,200
Current liabilities: Liabilities Accounts payable Accrued liabilities payable Notes Payable (current) Total current liabilities Notes Payable (Noncurrent) Long-term lease liabilities Total liabilities Stockholders' Equity Common stock Additional paid-in-capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 19,000 3,500 27,800 50,300 63,400 79,300 193,000 11,700 106,500 X 123,400 241,600 $ 434,600