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 $ 25,000 Accounts payable 3,700 Accrued liabilities payable 4,200 Notes payable (current) 32,000 Notes payable (noncurrent) 1,600 Common stock 55,000 Additional poid.in capital 102,600 Retained earnings 3,600 $22,000 3,300 7,700 40,000 9,300 83,70 61,100 During the current year, the company had the following summarized activities: a Purchased short-term investments for $8,600 cash b. Lent $6,300 to a supplier who signed a two-year note. Purchased equipment that cost $20,000; paid $5,300 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 $77,000 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 2.600 shares of $0.50 par value common stock for $17.000 cash, Borrowed $13,000 cash from a local bank, payable in three months 9. Purchased a patent (an intangible asset) for $1,100 cash h Built an addition to the factory for $23,000 paid $7,800 in cash and signed a three-year note for the balance Returned defective equipment to the manufacturer, receiving a cash refund of $2,700. 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 $ 25,000 Accounts payable 3,700 Accrued liabilities payable 4,200 Notes payable (current) 32,000 Notes payable (noncurrent) 1,600 Common stock 55,000 Additional poid.in capital 102,600 Retained earnings 3,600 $22,000 3,300 7,700 40,000 9,300 83,70 61,100 During the current year, the company had the following summarized activities: a Purchased short-term investments for $8,600 cash b. Lent $6,300 to a supplier who signed a two-year note. Purchased equipment that cost $20,000; paid $5,300 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 $77,000 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 2.600 shares of $0.50 par value common stock for $17.000 cash, Borrowed $13,000 cash from a local bank, payable in three months 9. Purchased a patent (an intangible asset) for $1,100 cash h Built an addition to the factory for $23,000 paid $7,800 in cash and signed a three-year note for the balance Returned defective equipment to the manufacturer, receiving a cash refund of $2,700
