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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 Common stock 48,000 93,000 145,000 3,800 Additional paid-in capital Retained earnings $19,000 3,500 7,800 43,000 59,000 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. Required: 5. Prepare a classified balance sheet at December 31 of the current year.
Current assets: Cash JAGUAR PLASTICS
COMPANY Balance Sheet At December 31 Assets Investments Accounts receivable Inventory Total current assets Non-current assets: Notes receivable Equipment Factory building Intangible assets Total non-current assets Total assets 11,300 3,600 34,000 48,900 8,300 121,000 5,300 134,600 $ 183,500
Current liabilities: Accounts payable Accrued liabilities payable Notes Payable (current) Liabilities Total current liabilities Notes Payable (Noncurrent) Total liabilities Stockholders' Equity Common stock Additional paid-in-capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 19,000 3,500 22,500 22,500 13,300 13,300 $ 35,800