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Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. On

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Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. On January 1, the start of the current year, Higgins' T-account balances were as follows: Assets Cash 5,300 Short-Tem Investments 3,000 Property and Huipment 3,200 Liabilities: Notes Payable (current) Notes Payablononcurrect) 2,400 1,000 Common stock Additional Paid in Capital 4,200 Retained Earnings 600 3,300 Required: 1. Using the data from these T-accounts, determine the amounts for the following on January 1 of the current year: 2. Prepare journal entries for transactions (o} through (e) for the current year a. Borrowed $4,500 from a local bank, signing a note due in three years, b. Sold $2,000 of the investments for $2,000 cash c. Sold one-half of the property and equipment for $1,600 in cash. d. Declared $1000 in cash dividends to stockholders e. Pald dividends to stockholders, 3. Enter the effects of the transactions in 2. above in the T-accounts 4. Prepare a trial balance at December 31 5. Prepare a classified balance sheet at December 31 of the current year in good form. 6. Other stockholders' equity Items Calculate the current ratio at December 31 of the current year. If the industry average for the current ratio is 1.48 Common Stock Additional Paid-in Capital 600 Retained Earnings 4,200 3,300 Required: 1. Using the data from these T-accounts, determine the amounts for the following on January 1 of the corrent year. 2. Prepare journal entries for transactions (a) through (e) for the current year. a. Borrowed $4,500 from a local bank, signing a note due in three years. b. Sold $2,000 of the investments for $2,000 cash. c. Sold one-half of the property and equipment for $1,600 in cash. d. Declared $1,000 in cash dividends to stockholders. e. Paid dividends to stockholders. 3. Enter the effects of the transactions in 2. above in the T-accounts. 4. Prepare a trial balance at December 31 5. Prepare a classified balance sheet at December 31 of the current year in good form. 6. Other stockholders' equlty items Calculate the current ratio at December 31 of the current year. If the industry average for the current ratio is 1.48 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Using the data from these T-accounts, determine the amounts for the following on January 1 of the current year: Assets Liabilities + Stockholders' Equity Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Using the data from these T-accounts, determine the amounts for the following on January 1 of the current year: Liabilities Stockholders' Equity Assets Required 2 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Prepare journal entries for transactions (a) through (e) for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions of euros.) a. Borrowed $4,500 from a local bank, signing a note due in three years. b. Sold $2,000 of the investments for $2,000 cash. c. Sold one-half of the property and equipment for $1,600 in cash. d. Declared $1,000 in cash dividends to stockholders. e. Pald dividends to stockholders. Show less View transaction list Journal entry worksheet Borrowed $4,900 from a local bank, signing a note due in three years. Note: Enter debits before credits. Transaction General Journal Debit Credit Rependente Cloncentry View.Onlium MacBook Air U Bog. Bal. Beg. Bal. 10 points End. Bal. Swipped End. Bal. Notes Payable (noncurrent) Dividende Payable Beg. Bal. Beg. Bal eBook Hirit End. Bal. End. Bal. Common Stock Additional Pald-in Capital Bog. Bal. Beo. Bal References End, Bal End Bal Retained Earnings Beg. Bal End, Bal Required 2 Required 4 ) current ratio is 1.48. Complete thls question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Requir Prepare a trial balance at December 31. HIGGINS COMPANY Trial Balance Debit Credit nces Total apter 02 Pre-Built Assignment Saved 6 Prepare a Ca Dalance snec ac vucember air une current year. HIGGINS COMPANY Balance Sheet nts Assets Current Assets: Skipped Total current assets eBook Hint Total assets Print Llabilities and Stockholders' Equity Current Liabilities: References Total current liabilities Total abilities Stockholders Equity Total stockholders' equity Total liabilities and stockholders' equity Me

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