Required information [The following information applies to the questions displayed below.] Cougar Plastics Company has been...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Required information [The following information applies to the questions displayed below.] Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: 19,000 Cash Investments (short-term) Accounts receivable $ 23,000 Accounts payable 4,000 Accrued liabilities payable 3,500 4,800 Notes payable (short- 5,300 term) 47,000 Inventory 26,000 Notes payable (long-term) Notes receivable (long- 10,700 2,000 Common stock term) 96,300 Equipment 53,000 Additional paid-in capital 43,300 Factory building Intangibles 108,000 Retained earnings 4,300 During the year 2015, the company had the following summarized activities: a. Purchased short-term investments for $7,100 cash. b. Lent $5,200 to a supplier who signed a two-year note. c. Purchased equipment that cost $18,000; paid $5,200 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 $94,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 1,500 shares of $0.50 par value common stock for $18,000 cash. f. Borrowed $15,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,200 cash. h. Built an addition to the factory for $26,000; paid $8,900 in cash and signed a three- year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,900. 4. Prepare a trial balance at December 31, 2015. Required information [The following information applies to the questions displayed below.] Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: 19,000 Cash Investments (short-term) Accounts receivable $ 23,000 Accounts payable 4,000 Accrued liabilities payable 3,500 4,800 Notes payable (short- 5,300 term) 47,000 Inventory 26,000 Notes payable (long-term) Notes receivable (long- 10,700 2,000 Common stock term) 96,300 Equipment 53,000 Additional paid-in capital 43,300 Factory building Intangibles 108,000 Retained earnings 4,300 During the year 2015, the company had the following summarized activities: a. Purchased short-term investments for $7,100 cash. b. Lent $5,200 to a supplier who signed a two-year note. c. Purchased equipment that cost $18,000; paid $5,200 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 $94,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 1,500 shares of $0.50 par value common stock for $18,000 cash. f. Borrowed $15,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,200 cash. h. Built an addition to the factory for $26,000; paid $8,900 in cash and signed a three- year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,900. 4. Prepare a trial balance at December 31, 2015.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Why might the total number of units completed during a month plus the number of units in process at the end of a month be less than the total number of units in process at the beginning of the month...
-
Why is a company able to get back on its feet financially during the bankruptcy period?
-
Match each ratio or percentage with itscomputation. Ratios or Percentages Definitions 1. Profit margin 2. Inventory turnover ratio 3. Average collection period 4. Dividend yield ratio 5. Return on...
-
XYZ Retail Chain is analyzing its financial data: Category Amount ($) Cost of Goods Sold - Beginning Inventory $1,200,000 - Purchases $6,500,000 - Ending Inventory $1,800,000 SG&A Expenses - Rent...
-
1) Divide 45a + 12 by 3 2) Divide - 5a + 10a by -5 3) Divide 6x - 12x by x 4). Divide ak - bk by k 5) Divide 3x-9x + 15x3 by 3x
-
a) If your savings account earns 6% per annum, compounded annually, how much do you have in your account at the end of 10 years if you deposit $10,000 per year into the account? b) How much will you...
-
3) Cass SA, a leading wind energy developer, is planning an acquisition of City BV, a cable company. Cass is offering City's shareholders 0.25 and 0.8 shares of Cass per share of City. Current...
-
Comprehensive Job CostingKurtis Kabinets produces custom cabinetry for homes, which is sold nationwide. The company adds overhead costs to cabinetry projects at the rate of $7.75 per direct labor...
-
Cairns Company has invested $2,000,000 in a plant to make spearguns for fishing. The target operating profit desired from the plant is $300,000 annually. The company plans annual sales of 1,500...
-
Solitude Springs is a resort in a remote part of North West Australia and must generate its own electricity using a generator. In December 2017 quarter it purchased and used 5,934 litres of petrol...
-
For the series 2" %30 (z-2)" converges at all points outside the circle |z-2| = 2. True False
-
What is the probability of drawing 3 tiles that are all vowels? You are about to draw Scrabble tiles from a bag without replacement; the bag contains the letters A, A, C, E, E, E, L, L, N, O, R, S,...
-
What is the probability of drawing 3 tiles that are all consonants? You are about to draw Scrabble tiles from a bag without replacement; the bag contains the letters A, A, C, E, E, E, L, L, N, O, R,...
-
What is the probability of drawing the letters L-A-S-S, in order? You are about to draw Scrabble tiles from a bag without replacement; the bag contains the letters A, A, C, E, E, E, L, L, N, O, R, S,...
Study smarter with the SolutionInn App