P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 (GL)

P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance, and Evaluating the Current Ratio LO2-2, 2-4, 2-5 (GL) Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: During the current year, the company had the following summarized activities: a. Purchased short-term investments for $7,100 cash. b. Lent $5,600 to a supplier, who signed a two-year note. c. Leased equipment that cost $28,000; paid $4,500 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 2,300 shares of $0.50 par value common stock for $17,000 cash. f. Borrowed $17,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,100 cash. h. Built an addition to the factory for $28,000; paid $8,200 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,300. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Notes receivable (long-term) } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 2,900 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Accounts receivable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 4,300 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Short-term investments } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 2,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Inventory } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 25,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Operating lease right-of-use assets } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 140,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 41,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Intangible assets } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 3,900 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Factory building } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 94,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Accounts payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 22,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Notes payable (current) } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 7,200 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Accrued liabilities payable } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 3,400 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Notes payable (noncurrent) } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 48,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|r|} \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 61,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common stock } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 10,300 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Additional paid-in capital } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 92,700 \\ \hline \end{tabular} Retained earnings \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & December 31 & & & 90,500 \\ \hline \end{tabular}