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***Please provide amount answers for: 1. Cash 2. Notes Payable (concurrent) 3. Additional Paid-in Capital Required information [The following information applies to the questions displayed
***Please provide amount answers for:
1. Cash 2. Notes Payable (concurrent) 3. Additional Paid-in Capital
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: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $26,000 Accounts payable 2,400 Accrued liabilities payable 4,900 Notes payable (current) 31,000 Notes payable (noncurrent) 2,300 Common stock 40,000 Additional paid-in capital 96,000 Retained earnings 4,000 $20,000 4,000 7,800 41,000 10,900 98,100 24,800 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,600 cash. b. Lent $5,500 to a supplier who signed a two-year note. c. Purchased equipment that cost $26,000; paid $5,700 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 $84,000 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 2,100 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $18,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,200 cash. h. Built an addition to the factory for $21,000; 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 $2,000. 5. Prepare a classified balance sheet at December 31 of the current year. Answer is not complete. JAGUAR PLASTICS COMPANY Balance Sheet Assets Liabilities Current assets: Cash Current liabilities: Accounts payable Accrued liabilities payable Notes Payable (current) $ 20,000 4,000 $ 26,500 11,000 4,900 31,000 Investments Accounts receivable 46,100 Inventory Total current liabilities 70,100 Total current assets 73,400 Notes payable (noncurrent) 0 X OO Non-current assets: > 70,100 Notes receivable Factory building Equipment Intangibles 7,800 117,000 64,000 6,200 Total liabilities Stockholders' Equity Common stock Additional paid-in capital Retained earnings 11,950 0 X 24,800 Total stockholders' equity 195,000 $ 268,400 36,750 $ 106,850 Total assets Total liabilities and stockholders' equityStep by Step Solution
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