PART-4 PART-5 PART-6 Jaguar Plastics Company has been operating for three years. At December 31 of last
Fantastic news! We've Found the answer you've been seeking!
Question:
PART-4
PART-5
PART-6
Transcribed Image Text:
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 Intangibles $24,000 Accounts payable 2,100 Accrued liabilities payable 3,400 Notes payable (current) 24,000 Notes payable (noncurrent) 2,500 Common stock 53,000 Additional paid-in capital 90,000 Retained earnings 4,700 During the current year, the company had the following summarized activities: $17,000 3,800 6,500 44,000 10,800 97,200 24,400 a. Purchased short-term investments for $8,900 cash. b. Lent $5,600 to a supplier who signed a two-year note. c. Purchased equipment that cost $25,000; paid $4,200 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 $84,000 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 1,400 shares of $0.50 par value common stock for $17,000 cash. f. Borrowed $13,000 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 $27,000; 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 $3,400. 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 Intangibles $24,000 Accounts payable 2,100 Accrued liabilities payable 3,400 Notes payable (current) 24,000 Notes payable (noncurrent) 2,500 Common stock 53,000 Additional paid-in capital 90,000 Retained earnings 4,700 During the current year, the company had the following summarized activities: $17,000 3,800 6,500 44,000 10,800 97,200 24,400 a. Purchased short-term investments for $8,900 cash. b. Lent $5,600 to a supplier who signed a two-year note. c. Purchased equipment that cost $25,000; paid $4,200 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 $84,000 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 1,400 shares of $0.50 par value common stock for $17,000 cash. f. Borrowed $13,000 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 $27,000; 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 $3,400.
Expert Answer:
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Posted Date:
Students also viewed these accounting questions
-
Smartkids Ltd is one of Australias largest providers of before school, after school and vacation care services. It rents facilities provided by schools and currently provides services in 650 venues...
-
Aguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash $ 27,000 Accounts payable $ 23,000 Investments...
-
Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: During the year 2015, the company had the following summarized...
-
Perform the indicated operations. Let k be a natural number. a. (-2) c. (-2)4 e. Is (-2)2+ positive or negative? b. (-2) d. (-2)5
-
Benzene (B) and chlorobenzene (C) are being separated in a distillation column. Vapor and liquid streams, each containing both species, are fed to one of the trays of the column, and liquid and vapor...
-
The grandstand at the Kennedy Space Center is located \(3.5 \mathrm{mi}\) away from the Space Shuttle Launch Pad. On a day when the air temperature is \(80^{\circ} \mathrm{F}\), how long does it take...
-
Using the following data for Evans \& Sons, calculate the cash paid for rent: Rent expense... $80,000 Prepaid rent, January 1 10,000 Prepaid rent, December 31 8,000
-
S. Myers, a speech therapist, opened a clinic in the name of Myers Clinic. Her accountant prepared the following chart of accounts: Assets Cash Accounts Receivable Office Equipment Office Furniture...
-
why is skimming one of the most difficult fraud schemes to detect? A) because it's not in the records. B) because it's extremely complicated. C) because it's comingled with other cash receipts...
-
Richardson Ski Racing (RSR) sells equipment needed for downhill ski racing. One of RSRs products is fencing used on downhill courses. The fence product comes in 150-foot rolls and sells for $215 per...
-
is interest paid during construction on money borrowed for construction included in Land, Land Improvements, Building, or Other Accounts when recording expenditures and receipts in a columnar form
-
Consider the Person class as developed in the pre-recorded lecture videos (a simplified version is included above for reference). What is the value of each Person's age instance variable right after...
-
Scenario: You are a top-notch compensation administration consultant hired by the Alliston Instruments. They are impressed by your suggestions you had provided in mid-review report. After analyzing...
-
How IP Will traced if I Will Use VPN Because VPN make a Fake Wall Which are Called Fake IP Explain How IP will actually traced if i will use VPN.
-
A bakery makes two types of birthday cakes: chocolate cake which sells for $25, and strawberry cake which sells for $35. Each chocolate cake takes 2 hours to make while the strawberry cake takes 3...
-
Six grocery items have the following prices: $5.82, $10.28, $8.51, $12.13, $6.64, and $11.77. (a) Estimate the total cost of the six items by rounding each price to the nearest dollar, then adding....
-
What types of cases and situations would lead a prosecutor to begin the process via Preliminary Hearing?
-
A bar of a steel alloy that exhibits the stress-strain behavior shown in Figure 6.22 is subjected to a tensile load; the specimen is 375 mm (14.8 in.) long and has a square cross section 5.5 mm (0.22...
-
During 2015, Merkley Company disposed of three different assets. On January 1, 2015, prior to their disposal, the accounts reflected the following: The machines were disposed of in the following...
-
Pool Corporation, Inc., is the worlds largest wholesale distributor of swimming pool supplies and equipment. Assume Pool Corporation purchased for cash new loading equipment for the warehouse on...
-
Cedar Fair, L.P. (Limited Partnership) is one of the largest regional amusement park operators in the world, owning 11 amusement parks, four outdoor water parks, one indoor water park, and five...
-
The long run a. is a period in which a firm can adjust all its inputs. b. can vary in length from industry to industry. c. is a period in which all costs are variable costs. d. is characterized by...
-
Which of the following most accurately describes the long-run period? a. The long run is a period of time in which a firm is unable to vary some of its factors of production. b. In the long run, a...
-
The short run a. is a period too brief for any inputs to be varied. b. is a period that involves no fixed costs. c. is normally a period of 1 year. d. is none of the above.
Study smarter with the SolutionInn App