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The following information applies to the questions displayed below) Cougar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: $13,000 3,600 5100 47000 0,000 90000 51800 Cash $ 28,000 Accounts payable 2,800 Accrued liabilities payable 4,200 Notes payable (short-term) 31000 Notes payable (long-term) 3,000 Common stock 42.000 Additional paid-in capital Accounts receivable Notes recelvable (long-term Equipment Factory building Intangibles 106.000 Retained earnings 3,500 During the current year, the company had the following summarized activities: a Purchased short-term investments for $7,300 cash. b. Lent $5,600 to a supplier who signed a two-year c Purchased equipment that cost $28,000; paid $5,900 cash and signed a one-year note for the balance d. Hired a new president et the end of e Issued an additional 1,800 shares of $0.50 par value common stock for $13,000 cash t Borrowed $17,000 cash from a local bank, payable in three months g. Purchased a patent (an intangible asset) for $2,500 cash. h. Built an addition to the factory for $28,000, paid $7,800 in cash and signed a three year note for the balance L Returned defective equipment to the manufacturer, receiving a cash refund of $3,000 note the year. The contract was for $78,000 per year plus options to purchase company stock at a set price based on company performance. Required: 1. &2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet. (Two items have been given in the cash T-account as examples) nvestments (short-term) Beg. Bal. e) Beg, Bal. 28,000 13,000 17,000 3,000 2,800 7,300 (a) 5,600 (b) 5,900 (C) 2,500 ((9 7,800 7,300 End. Bal. 10,100 End. Bal. 31,900 Recelvable Inventory Beg. Bal. 4200 Beg. Bal. 31,000 End. Bal. 4,200 End. Ba 31,000 Equipment 42,000 28,000 Notes Beg. Bal. c) Beg. Bal. 3,000 5,600 3,000 End. Bal 8,600 End. Bal 67,000 Factory Building 106,000 Intangibles 3,500 Beg. Bal. Beg. Bal. Beg. Bal. h) Factory Building 106,000 28,000 Intangibles 3,500 2,500 Beg. Bal End. Bal. 134,000 End. Bal. 6,000 Payable Accrued Liabilities Payable Beg. Bal. 13,000 Beg. Bal. 3,600 End. Bal 13,000 End. Bal. 3,600 Notes Payable (short-term) Long-Term Notes Payable Beg. Bal 5,100 22,100 (c) 17,000 () Beg. Bal. 47,000 20,200 (h) End. Bal 44,200 End. Bal. 67,200W Common Stock Additional Paid-in Capital 0,000 12,100 (e) Beg. Bal. 10,000 Beg. Bal. 10,900 End. Ba 02,100 End. Bal. Stock Additional Paid-in Capital Beg. Bal. 10,000 Beg. Bal, 90,000 12,100 (e End. Bal 10,900 End. Bal. 102,100 Retained E Beg. Bal 1,800 End. Bal. 51,800 4. Prepare a trial balance at December 31 of the current year. COUGAR PLASTICS COMPANY Trial Balance At December 31 Titles Debit Credit Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building 31,900 10,100 4,200 31,000 8,600 67,000 134,000 6,000 S 13,000 Accounts payable Accrued liabilities payable Notes payable (short-term) 44,200 67,200 10,900 02,100 51,800 Notes payable (long-term) Common stock Additional paid-in capital Retained earnings Totals Answer is not complete. COUGAR PLASTICS COMPANY Balance Sheet At December 31 Assets Liabilities Current assets: Current liabilities: 13,000 Cash Accounts receivable Investments Inventory 31,900 4,200Accrued liabilities payable3,600 10,100Short-term notes payable 44,200 31,0000 Accounts payable Total current liabilities 60,800 0 Total current assets 77,200 Long-term notes payable 67,200 128,000 8,600Total liabilities 67,000 Notes receivable Equipment Factory building Intangibles Stockholders' Equity 10,900 134,000Common stock 6000 Additional paidin capital 102,100 51,800 164,800 ' Os292,800 Retained earnings 215,600 |Total stockholders' equity 292,800 Total liabilities and stockholders Total non-current assets Total assets equity