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please help with this what did i do wrong? Injection Plastics Company has been operating for three years. At December 31, 2020, the accounting records
please help with this what did i do wrong?
Injection Plastics Company has been operating for three years. At December 31, 2020, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventories Notes receivable (long-term) Equipment Factory building $27,500 Intangibles 3,300 Accounts payable 4,300 Accrued liabilities 30,500 Short-term borrowings 2,300 Notes payable (long-term) 54,500 Contributed capital 96,500 Retained earnings $ 4,300 16,300 3,300 8,300 54,500 103,000 37,800 During the year 2021, the following summarized transactions were completed: a. Purchased equipment that cost $20,500; paid $7,300 cash and signed a one-year note for the balance b. Issued 3,300 additional shares for $19,800 cash. c Lent $8,300 to a manager, who signed a two-year note d Purchased short-term investments for $10,300 in cash e. Paid $6,300 on the note in transaction (al Borrowed 513,300 cash on December 31, 2021. from the bank and signed a note, payable June 30, 2022 g. Purchased a patent (an intangible asset) for $4,300 cash n Built an addition to the factory for $28,900, paid $10,300 in cash and signed a three-year note for the balance. Hired a new president at the end of the year. The contract was for $91,500 per year plus options to purchase company shares at a set price based on company performance, 7. Returned defective equipment to the manufacturer receiving a cash refund of $2,300. Answer is not complete. Cash 27,500 19,800 8.300 Beg bal d Investments (Short-term 3.300 20.300 Beg bal b C Bolo ols@lolo 7.300 10.300 l 6,360 e 43000 10.300 h OOOC 13,300 2.300 Endal 13.600 End on 32,700 Accounts Receivable 4.300 Inventaries 30 500 Beg bal Beg bal Endball 30.500 Endal 4,300 Notes Receivable (Long-term) 2.300 Equipment 54500 20.600 Beg bal 2.300 Beg bal 3 a 2.300 End, bal 72.800 End bal Factory Building 96.500 28.900 Beg tal h Beg bol Intangibles 4.300 4300 9 125.400 End bal Endal 8.600 Accounts Payable 16.000 Accrued Liabilities 2.300Beg bol Begal 16.000 Endbal 3.300 End bal Short-Term Borrowings 6.300 3,300 Beg Bal Notes Payable Long-term) 54500 Beg bel Step by Step Solution
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