Required information [The following information applies to the questions displayed below.] Cougar Plastics Company has b

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Required Information The Following Information Applies To The Questions Displayed Below Cougar Plastics Company Has B 1 (135.55 KiB) Viewed 12 times

Required information [The following information applies to the questions displayed below.] Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash $ 23,000 Accounts payable 19,000 $ Investments (short-term) 4,000 3,500 Accrued liabilities payable Notes payable (short- Accounts receivable 4,800 5,300 term) 47,000 Inventory 26,000 Notes payable (long-term) 10,700 Notes receivable (long- term) 2,000 Common stock 96,300 Equipment 53,000 Additional paid-in capital 43,300 Factory building 108,000 Retained earnings Intangibles 4,300
During the year 2015, the company had the following summarized activities: a. Purchased short-term investments for $7,100 cash. b. Lent $5,200 to a supplier who signed a two-year note. c. Purchased equipment that cost $18,000; paid $5,200 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 $94,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 1,500 shares of $0.50 par value common stock for $18,000 cash. f. Borrowed $15,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,200 cash. h. Built an addition to the factory for $26,000; paid $8,900 in cash and signed a three- year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,900.
5. Prepare a classified balance sheet at December 31, 2015. COUGAR PLASTICS COMPANY Balance Sheet At December 31, 2015 Assets Current assets: Total current assets Non-current assets: Total non-current assets Total assets $ 0 Current liabilities: Liabilities Total current liabilities Total liabilities Stockholders' Equity 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 0 0 0