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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) $26,000 Accounts payable $14,000 Accrued liabilities 2,600 3,600 payable Accounts receivable 4,200 Notes payable (current) 6,200 Inventory 24,000 Notes payable (noncurrent) 48,000 Notes receivable (long- Long-term lease 2,900 65,000 term) liabilities Equipment 48,000 Common stock 10,100 Factory building 92,000 Additional paid-in 90,900 capital Operating lease right-of-135,000 use assets Retained earnings 100,900 Intangible assets 4,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,200 cash. b. Lent $5,800 to a supplier, who signed a two-year note. c. Leased equipment that cost $19,000; paid $5,500 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 $77,000 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 1,100 shares of $0.50 par value common stock for $19,000 cash. f. Borrowed $12,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,400 cash. h. Built an addition to the factory for $28,000; paid $7,500 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,800. Required: 1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet.

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) $26,000 Accounts payable $14,000 Accrued liabilities 2,600 3,600 payable Accounts receivable 4,200 Notes payable (current) 6,200 Inventory 24,000 Notes payable (noncurrent) 48,000 Notes receivable (long- Long-term lease 2,900 65,000 term) liabilities Equipment 48,000 Common stock 10,100 Factory building 92,000 Additional paid-in 90,900 capital Operating lease right-of-135,000 use assets Retained earnings 100,900 Intangible assets 4,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,200 cash. b. Lent $5,800 to a supplier, who signed a two-year note. c. Leased equipment that cost $19,000; paid $5,500 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 $77,000 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 1,100 shares of $0.50 par value common stock for $19,000 cash. f. Borrowed $12,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,400 cash. h. Built an addition to the factory for $28,000; paid $7,500 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,800. Required: 1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet.

Managerial Accounting: The Cornerstone of Business Decision-Making
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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....
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! Required information 2,600 [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) $26,000 Accounts payable $14,000 Accrued liabilities 3,600 payable Accounts receivable 4,200 Notes payable (current) 6,200 Notes payable Inventory 24,000 48,000 (noncurrent) Notes receivable (long- term) Long-term lease 2,900 65,000 liabilities Equipment 48,000 Common stock 10,100 Factory building 92,000 Additional paid-in capital 90,900 Operating lease right-of- use assets 135,000 Retained earnings 100,900 Intangible assets 4,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,200 cash. b. Lent $5,800 to a supplier, who signed a two-year note. c. Leased equipment that cost $19,000; paid $5,500 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 $77,000 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 1,100 shares of $0.50 par value common stock for $19,000 cash. f. Borrowed $12,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,400 cash. h. Built an addition to the factory for $28,000; paid $7,500 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,800. Required: 1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet. > Answer is not complete. Debit Cash Credit Investments (short-term) Debit Credit Beginning Balance 26,000 Beginning Balance 2,600 (e) 10,100× 2,600X (a) (f) 48,000X 2,900X (b) (i) 48,000X (c) Ending (g) 2,600 Balance (h) Ending Balance 126,600 Accounts Receivable Debit Beginning 4,200 Balance Ending Balance 4,200 Inventory Credit Debit Credit Beginning Balance 24,000 Ending Balance 24,000
Transcribed Image Text:! Required information 2,600 [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) $26,000 Accounts payable $14,000 Accrued liabilities 3,600 payable Accounts receivable 4,200 Notes payable (current) 6,200 Notes payable Inventory 24,000 48,000 (noncurrent) Notes receivable (long- term) Long-term lease 2,900 65,000 liabilities Equipment 48,000 Common stock 10,100 Factory building 92,000 Additional paid-in capital 90,900 Operating lease right-of- use assets 135,000 Retained earnings 100,900 Intangible assets 4,000 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $8,200 cash. b. Lent $5,800 to a supplier, who signed a two-year note. c. Leased equipment that cost $19,000; paid $5,500 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 $77,000 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 1,100 shares of $0.50 par value common stock for $19,000 cash. f. Borrowed $12,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,400 cash. h. Built an addition to the factory for $28,000; paid $7,500 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,800. Required: 1. & 2. Post the current year transactions to T-accounts for each of the accounts on the balance sheet. > Answer is not complete. Debit Cash Credit Investments (short-term) Debit Credit Beginning Balance 26,000 Beginning Balance 2,600 (e) 10,100× 2,600X (a) (f) 48,000X 2,900X (b) (i) 48,000X (c) Ending (g) 2,600 Balance (h) Ending Balance 126,600 Accounts Receivable Debit Beginning 4,200 Balance Ending Balance 4,200 Inventory Credit Debit Credit Beginning Balance 24,000 Ending Balance 24,000
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