Question
Jaguar 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
Jaguar 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 | $ 16,000 |
Investments (short-term) | 2,800 | Accrued liabilities payable | 2,800 |
Accounts receivable | 4,100 | Notes payable (current) | 5,500 |
Inventory | 34,000 | Notes payable (noncurrent) | 40,000 |
Notes receivable (long-term) | 2,900 | Long-term lease liabilities | 68,000 |
Equipment | 41,000 | Common stock | 10,300 |
Factory building | 107,000 | Additional paid-in capital | 92,700 |
Operating lease right-of-use assets | 145,000 | Retained earnings | 132,400 |
Intangible assets | 3,900 |
1.During the current year, the company had the following summarized activities:
2.Purchased short-term investments for $8,700 cash.
3.Lent $6,000 to a supplier, who signed a two-year note.
4.Leased equipment that cost $21,000; paid $4,000 cash and signed a five-year right-of-use lease for the balance.
5.Hired a new president at the end of the year. The contract was for $82,000 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.
6.Issued an additional 2,400 shares of $0.50 par value common stock for $16,000 cash.
7.Borrowed $19,000 cash from a local bank, payable in three months.
8.Purchased a patent (an intangible asset) for $1,900 cash.
9.Built an addition to the factory for $21,000; paid $7,000 in cash and signed a three-year note for the balance.
10.Returned defective equipment to the manufacturer, receiving a cash refund of $3,600.
Requirement:
General Journal tab - Prepare journal entries to record the transactions listed in (a) through (i). Review the accounts as shown in the General Ledger and Trial Balance tabs.
General Ledger tab - Each journal entry is posted automatically to the General Ledger.
Trial Balance tab - Amounts flow from the General Ledger.
Balance Sheet tab - Use the drop-downs to select the accounts that should be properly included on the Balance Sheet.
Analysis tab - Compute the current ratio for the current year.
There are 5 huge tables need to complete, thanks for helping me.
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