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Exam 1 Ch 1 & 2 (Workout) i LO 5 25 points 01:41:54 Skipped Saved Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash $ 41,250 Accounts Receivable Inventory Supplies 8,850 63,000 8,750 Notes Receivable (due in three years) 6,050 Equipment 115,500 Buildings 197,000 Land 42,500 Accounts Payable 37,500 127,000 Notes Payable (due in three years) Common Stock 150,000 Retained Earnings 168,400 During the year, the company had the following summarized activities: a. Purchased equipment that cost $24,300; paid $8,000 cash and signed a two-year note for the balance. b. Issued an additional 3,300 shares of common stock for $33,000 cash. c. Borrowed $98,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $6,700 cash. e. Built an addition to the factory buildings for $45,250; paid $15,000 in cash and signed a three-year note for the balance. f. Hired new president to start January 1 of next year. The contract was for $95,000 for each full year worked. Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis General Journal tab - Prepare the journal entries to record the transactions (a) through (f). Review the 'General Ledger' and the unadjusted 'Trial Balance' Tabs to see the effect of the transactions on the account balances. General Ledger tab - Each journal entry is posted automatically to the general ledger. Trial Balance tab - The ending balance values from the General Ledger tab flows through to the Trial Balance tab. Balance Sheet tab - Prepare a classified balance sheet at December 31. Analysis tab - Using the information from the requirements above, complete the 'Analysis' tab. 5 25 points 01:43:42 Skipped No. No. No. No. No. No. Date January 01 Date January 01 Date January 01 Date January 01 Date January 01 Date January 01 Cash Debit Inventory Debit Land Debit Equipment Credit Credit Credit Credit General Ledger Account Balance No. Date January 01 No. Date January 01 No. Date January 01 No. Date January 01 No. Date January 01 No. Date January 01 Trial Balance > Debit Accounts Payable Debit Common Stock Debit 41,250 Balance 63,000 Balance 42,500 Balance 115,500 Credit Balance 37,500 Credit Balance $ $ 41,250 8.850 63,000 8,750 42.500 197,000 115,500 6,050 482,900 $ Credit 37,500 127,000 150,000 168,400 482,900 5 25 points 01:40:15 Skipped Prepare a classified balance sheet at December 31. Use the dropdowns to select the accounts properly included on the balance sheet. PERFORMANCE PLASTICS COMPANY Balance Sheet At December 31 $ 0 0 0 0 0 0 0 0 0 0 $ $ 0 0 0 LO 5 25 points 01:39:40 Skipped Performance Plastics Company (PPC) has been operating for three years. The beginning account balances are: Cash $ 41,250 Accounts Receivable Inventory 8,850 63,000 8,750 Supplies Notes Receivable (due in three years) 6,050 Equipment 115,500 Buildings 197,000 Land 42,500 Accounts Payable 37,500 127,000 Notes Payable (due in three years). Common Stock 150,000 Retained Earnings 168,400 During the year, the company had the following summarized activities: a. Purchased equipment that cost $24,300; paid $8,000 cash and signed a two-year note for the balance. b. Issued an additional 3,300 shares of common stock for $33,000 cash. c. Borrowed $98,500 cash from a local bank, payable June 30, in two years. d. Purchased supplies for $6,700 cash. e. Built an addition to the factory buildings for $45,250; paid $15,000 in cash and signed a three-year note for the balan f. Hired a new president to start January 1 of next year. The contract was for $95,000 for each full year worked. Requirement General Journal General Ledger Trial Balance Balance Sheet Analysis As of December 31, has the financing for PPC's investment in assets primarily come from liabilities or stockholders' equity? Liabilities Stockholders' Equity 5 25 points 01:36:40 Skipped General Requirement General Journal Trial Balance Balance Sheet Analysis Ledger Prepare the journal entries to record transactions (a) through (f). TIP: In transaction (e), three different accounts are affected. In transaction (), consider whether PPC owes anything to its new president for the current year ended December 31. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Purchased equipment that cost $24,300; paid $8,000 cash and signed a two- year note for the balance. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry View general Journal Clear entry
