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 Operating lease right-of-use assets Intangible assets $23,000 Accounts payable 2,200 Accrued liabilities payable 3,900 Notes payable (current) 29,000 Notes payable (noncurrent) 2,100 Long-term lease liabilities 52,000 Common stock 106,000 Additional paid-in capital 140,000 Retained earnings 4,700 e. Issued an additional 2,900 shares of $0.50 par value common stock for $15,000 cash f. Borrowed $12,000 cash from a local bank, payable in three months $13,000 3,500 7,100 49,000 68,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,000 cash, b. Lent $5,900 to a supplier, who signed a two-year note, c Leased equipment that cost $24,000; paid $5,100 cash and signed a five-year right-of-use lease for the balance. d. Hired a new president at the end of the year. The contract was for $76,000 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. Required: 5. Prepare a classified balance sheet at December 31 of the current year. 10,400 93,600 118,300 9. Purchased a patent (an intangible asset) for $2,200 cash h. Built an addition to the factory for $29,000; paid $8,500 in cash and signed a three-year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $2,700.
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 Operating lease right-of-use assets Intangible assets $23,000 Accounts payable 2,200 Accrued liabilities payable 3,900 Notes payable (current) 29,000 Notes payable (noncurrent) 2,100 Long-term lease liabilities 52,000 Common stock 106,000 Additional paid-in capital 140,000 Retained earnings 4,700 e. Issued an additional 2,900 shares of $0.50 par value common stock for $15,000 cash f. Borrowed $12,000 cash from a local bank, payable in three months $13,000 3,500 7,100 49,000 68,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,000 cash, b. Lent $5,900 to a supplier, who signed a two-year note, c Leased equipment that cost $24,000; paid $5,100 cash and signed a five-year right-of-use lease for the balance. d. Hired a new president at the end of the year. The contract was for $76,000 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. Required: 5. Prepare a classified balance sheet at December 31 of the current year. 10,400 93,600 118,300 9. Purchased a patent (an intangible asset) for $2,200 cash h. Built an addition to the factory for $29,000; paid $8,500 in cash and signed a three-year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $2,700.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning