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What am I missing? Required information [The following information applies to the questions displayed below.) Jaguar Plastics Company has been operating for three years. At
What am I missing?
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 $22,000 Accounts payable 3,000 Accrued liabilities payable 3,000 Notes payable (current) 20,000 Notes payable (noncurrent) 1,000 Common stock 50,000 Additional paid-in capital 90,000 Retained earnings $15,000 4,000 7,000 47,000 10,000 80,000 31,000 5,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $10,000 cash. b. Lent $5,000 to a supplier, who signed a two-year note. C. Purchased equipment that cost $18,000; paid $5,000 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 $85,000 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 2,000 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $9,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $3,000 cash. h. Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000. 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 $ 15,000 Current liabilities: Accounts payable Accrued liabilities payable Notes Payable (current) 12,000 3,000 20,000 13,000 Accounts receivable Inventory 4,000 29,000 Investments 48,000 Total current liabilities Notes Payable (Noncurrent) Total current assets 48,000 63,000 > Non-current assets: Notes receivable > 111,000 Equipment Factory building Intangibles 6,000 Total liabilities 67,000 Stockholders' Equity 114,000 8,000 Common stock Additional paid-in capital Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 11,000 90,000 31,000 132,000 $ 243,000 Total non-current assets 195,000 $ 243,000 Total assetsStep by Step Solution
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