- Required Information The Following Information Applies To The Questions Displayed Below Jaguar Plastics Company Has B 1 (50.46 KiB) Viewed 29 times
- Required Information The Following Information Applies To The Questions Displayed Below Jaguar Plastics Company Has B 2 (11.84 KiB) Viewed 29 times
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 $21,000 3,500 4,900 27,000 2,000 40,000 Accounts payable Accrued liabilities payable. Notes payable (current) Notes payable (noncurrent) Long-term lease liabilities Common stock 107,000 Additional paid-in capital 130,000 Retained earnings 3,900 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,500 cash. b. Lent $5,900 to a supplier, who signed a two-year note. $18,000 2,100 7,100 46,000 66,000 10,600 95,400 94,100 c. Leased equipment that cost $24,000; paid $5,600 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 $85,000 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 2,200 shares of $0.50 par value common stock for $17,000 cash. f. Borrowed $12,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,900 cash. h. Built an addition to the factory for $24,000; paid $7,900 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $2,700.
Required: 5. Prepare a classified balance sheet at December 31 of the current year. JAGUAR PLASTICS COMPANY Balance Sheet Assets Liabilities Stockholders' Equity $ $ 0 0 0 0 0 0 0