Cougar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following Cast $ 21000 Investments short-term) Accounts receivable Inventory Notes receivable long-term Equipment Factory building Intangibles $ 28000 Accounts payable 2.500 Accrued liabilities payable 4300 Notes payable short-term 30 000 Notes payable long term 2.100 Common stock 41,000 Additional paid in capital 100.000 Retained earnings 4200 46.000 9600 85.400 39.900 During the current year, the company had the following summarized activities 0. Purchased short term investments for $7300 cash b. Lent 56,100 to a supplier who signed a two year note Purchased equipment that cost $24.000 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 $79.000 per year plus options to purchase company stock of a set prie based on company performance Issued an additional 2.900 shares of $0.50 par value common stock for $18.000 cash 1 Borrowed 514 000 cash from a local bank, payable in three months Purchased a patention intang ble assets for $2.800 cash h Built an addition to the factory for $23.000 paid $8.000 in cash and signed a three year note for the balance Returned defective equipment to the manufacturer receiving a cash refund of S1500 Cougar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following Cast $ 21000 Investments short-term) Accounts receivable Inventory Notes receivable long-term Equipment Factory building Intangibles $ 28000 Accounts payable 2.500 Accrued liabilities payable 4300 Notes payable short-term 30 000 Notes payable long term 2.100 Common stock 41,000 Additional paid in capital 100.000 Retained earnings 4200 46.000 9600 85.400 39.900 During the current year, the company had the following summarized activities 0. Purchased short term investments for $7300 cash b. Lent 56,100 to a supplier who signed a two year note Purchased equipment that cost $24.000 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 $79.000 per year plus options to purchase company stock of a set prie based on company performance Issued an additional 2.900 shares of $0.50 par value common stock for $18.000 cash 1 Borrowed 514 000 cash from a local bank, payable in three months Purchased a patention intang ble assets for $2.800 cash h Built an addition to the factory for $23.000 paid $8.000 in cash and signed a three year note for the balance Returned defective equipment to the manufacturer receiving a cash refund of S1500
