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The following information applies to the questions displayed below) Jeguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following Cash $22,800 Accounts payable Investments (short- 3,000 Accrued liabilities term) payable Accounts receivable 3,000 Notes payable (current) Inventory 20,000 Notes payable (noncurrent) Notes receivable (long-term) 1,000 Connon stock Equipment 50,000 Additional paid in capital Factory building 90,000 Retained earnings Intangibles 5,000 $15,000 4,000 7,000 47,600 10,000 80,000 31.ee CE During the current year, the company had the following summarized activities a. Purchased short-term investments for $10,000 cash b. Lent $5,000 to a supplier, who signed a two year note. Purchased equipment that cost $18,000; paid $5.000 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 $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. Issued an additional 2,000 shares of 50.50 par value common stock for $11000 cash Borrowed $9,000 cash from a local bank, payable in three months 9. Purchased a potent (on intangible asset) for $3,000 cash h. Built an addition to the factory for $24.000; paid $8,000 in cash and signed a three year note for the balance 1. Returned detective equipment to the manufacturer receiving a cash refund of $1,000. 5. Prepare a classified balance sheet at December 31 of the current year JAGUAR PLASTICS COMPANY Balance Sheet Assets Liabilities 0 Stockholders' Equity 0 0 Required information [The following information applies to the questions displayed below.) Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: $15,000 4,000 7,800 Cash $22,000 Accounts payable Investments (short- 3,000 Accrued liabilities term) payable Accounts receivable 3,000 (current) Notes payable Notes payable Inventory 20,000 (noncurrent) Notes receivable (long-term) 1,000 Common stock Equipment Additional paid in 50,000 capital Factory building 90,000 Retained earnings Intangibles 5,000 47,000 10,000 80,000 31,000 CE During the current year, the company had the following summarized activities: a. Purchased short-term investments for $10,000 cash. b. Lent $5,000 to a supplier, who signed a two-year note. c. Purchased equipment that cost $18,000; paid $5,000 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 $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 2,000 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $9,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $3,000 cash. h. Bullt an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance 1. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000 6. Compute the current ratio for the current year. (Round your answer to 2 decimal places.) Current ratio 4. Prepare a trial balance at December 31 of the current year. JAGUAR PLASTICS COMPANY Trial Balance At December 31 Account Titles Debit Credit Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles Accounts payable Accrued liabilities payable Notes payable (current) Notes payable (noncurrent) Common stock Additional paid-in capital Retained earnings Totals $ 0 $ 0 Required: 1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet (Two items have been given in the cash Toccount as examples). Beg. Bal Cash 22,000 10,000 (a) 5,000 (b) Investments (short-term) Beg. Bal. 3,000 End. Bal 3,000 End, Bal 7000 Accounts Receivable Beg Bal 3,000 Beg. Bal Inventory 20,000 10,000 End. Bal 3,000 End. Bal. 30,000 Notes Recevable (long-term) Beg. Bal 1,000 Beg. Bal Equipment 50,000 End, Bal. 1,000 End. Bal. 50.000 Beg. Bol Factory Building 90.000 Beg. Bat. Intangibles 5.000 End. Bal 90.000 End. Bal 5,000 Beg Bal Accounts Payable 15.000 Accrued Liabilities Payable 4,000 Beg. Bal End. Bal 15.000 End. Bal 4000 Notes payable (current) Beg. Bal 7.000 Notes payable (noncurrent 47.000 Beg Bal End. Bal 7,000 End. Bal 47000 Beg Bal Common Stock 10,000 Additional Paid In Capital Beg Bal 80,000 End. 10.000 End, Bal 80,000 Bog. Bal Retained Earnings 31,000 End Bal 31.000
