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66 Dints Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. On January 1, the start of the current year, Higgins T-account balances were as follows: Assets: Cash Short-Term Investments 2,500 5,000 Property and Equipment 3,000 Liabilities: Notes Payable (current) Notes Payable (noncurrect) 2,200 800 Common Stock Additional Paid-in Capital Retained Earnings 500 4,000 Required: 1. Using the data from these T-accounts, determine the amounts for the following on January 1 of the current year 2. Prepare journal entries for transactions (a) through (e) for the current year. a. Borrowed $4,000 from a local bank, signing a note due in three years. b. Sold $1,500 of the investments for $1,500 cash. c. Sold one-half of the property and equipment for $1,500 in cash. d. Declared $800 in cash dividends to stockholders. e. Paid dividends to stockholders. 3. Enter the effects of the transactions in Requirement 2 in the T-accounts. 4. Prepare a trial balance at December 31. 5. Prepare a classified balance sheet at December 31 of the current year in good form. 6. Calculate the current ratio at December 31 of the current year. 3,000 Return to question d. Declared $800 in cash dividends to stockholders. e. Paid dividends to stockholders. 3. Enter the effects of the transactions in Requirement 2 in the T-accounts. 4. Prepare a trial balance at December 31. 5. Prepare a classified balance sheet at December 31 of the current year in good form. 6. Calculate the current ratio at December 31 of the current year. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 3 Required 2 Required 4 Required 5 Required 6 Using the data from these T-accounts, determine the amounts for the following on January 1 of the current year: Liabilities $ 10.500 Assets Stockholders' Equity $ 7.500 4 $3,000 Required 2 > 2 1.66 points 3 4 5 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Prepare journal entries for transactions (a) through (e) for the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions of euros.) a. Borrowed $4,000 from a local bank, signing a note due in three years. b. Sold $1,500 of the investments for $1,500 cash. c. Sold one-half of the property and equipment for $1,500 in cash. d. Declared $800 in cash dividends to stockholders. e. Paid dividends to stockholders, Show less No Transaction General Journal Debit Credit a. Cash Notes Payable (noncurrent) Short-term investments Property and Equipment 2 1 b. C. d. e. Cash Cash Retained earnings Dividends payable Dividends payable Cash > 00 O 00 Required 3 > 4,000 1,500 1,500 800 800 3 3 4,000 1,500 1,500 3 800 800 3 Return to question Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Enter the effects of the transactions in Requirement 2 in the T-accounts. Cash 5,000 Beg. Bal. (a) Beg. Bal. 4,000 (b) 1,500 (C) 1,500 800 End. Bal. 11,200 End. Bal. Property & Equipment Beg. Bal. 3.000 Beg. Bal. 1,500 End. Bal. Notes Payable (noncurrent) 800 Beg. Bal. 4,000 (e) 4,800 End. Bal. Common Stock End. Bal. Beg. Bal End. Bal. 333 1,500 (c) (a) S 3 Short-term Investments 2,500 1,500 1,000 Notes Payable (current) 2,200 2,200 Dividends Payable 800 Additional Paid-in Capital (b) 800 (d) > Beg. Bal. End. Bal. Beg. Bal. End. Bal. Beg. Bal. End. Bal. Beg. Bal. (d) End. Bal. 3,000 1,500 (c) 1,500 Notes Payable (noncurrent) 800 4,000 4,800 Common Stock Retained Earnings 800 500 500 3,000 2,200 (a) > Beg. Bal. End. Bal. Beg. Bal. (0) End. Bal. Beg. Bal. End. Bal. (d) 2 1.66 points Answer is not complete. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Required 3 Required 4 Required 5 Required 6 Prepare a trial balance at December 31. HIGGINS COMPANY Trial Balance At December 31 Cash Short-term investments Property and equipment Common stock O Additional paid-in-capital Notes Payable (current) Notes Payable (noncurrent) Retained earnings Total Debit 11,200 1,000 1,500 13700 Credit 500 4,000 2,200 4,800 2,200 13700 Return to question 166 points Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Prepare a classified balance sheet at December 31 of the current year. HIGGINS COMPANY Balance Sheet At December 31 Assets Current Assets Cash $ 11,200 Short-term investments 1,000 Total current assets 12,200 1.500 Property and equipment Total assets 13,700 Liabilities and Stockholders' Equity Current Liabilities: Total current liabilities 0 Notes Payable (noncurrent) Total liabilities Stockholders' Equity Common stock Additional paid-in-capital >> 3 9 >> $ 4,800 4,800 500 4,000 00 1.66 points Total current assets Property and equipment Total assets Liabilities and Stockholders' Equity Current Liabilities: Total current liabilities. Notes Payable (noncurrent) Total liabilities Stockholders' Equity: Common stock Additional paid-in-capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 9 000 $ TAU 12,200 1,500 13,700 0 4,800 4,800 500 4,000 2,200 6,700 11,500 $ 166 points 500 4,000 Required: 1. Using the data from these T-accounts, determine the amounts for the following on January 1 of the current year 2. Prepare journal entries for transactions (a) through (e) for the current year a. Borrowed $4,000 from a local bank, signing a note due in three years. b. Sold $1.500 of the investments for $1,500 cash. c. Sold one-half of the property and equipment for $1,500 in cash d. Declared $800 in cash dividends to stockholders. e. Paid dividends to stockholders. 3. Enter the effects of the transactions in Requirement 2 in the T-accounts. 4. Prepare a trial balance at December 31. 5. Prepare a classified balance sheet at December 31 of the current year in good form. 6. Calculate the current ratio at December 31 of the current year. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Calculate the current ratio at December 31 of the current year. (Round your answer to 2 decimal places.) Current ratio 5.55