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Return to question 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 $22,000 Accounts payable: $15,000 Investments (short-term) 4,000 Accounts receivable 3,000 Accrued liabilities payable 3,000 Notes payable (current) 20,000 Notes payable (noncurrent) 7,000 Inventory 47,000 Notes receivable (long-term) 1,000 Common stock 10,000 Equipment 80,000 Factory building 50,000 Additional paid-in capital. 90,000 Retained earnings 5,000 31,000 Intangibles 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 nar 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. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000. Required: on in Part 1 of 4 166 points Mc Graw 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) Answer is not complete. Cash Investments (short-term) Beg Bal 22,000 Beg. Bal 3.000 (0) 11,000 10,000 (a) (a) O 10,000 S 9.000 5,000 (b) 1,000 5,000 (c) End. Bal 13,000 3,000 (9) 8,000) 12.000 Accounts Receivable 3,000 Beg. Bal 3,000 End. Bat Notes Receivable (long-term) 1,000 Beg Bal (c) 5,000 6,000 End. Bal Factory Building 3 (0 End. Bal Beg Bal End. Bal Beg. Bal (b) End. Bal 000 000 O of 4 Beg. Bal. (h) End. Bal. Beg. Bal. End. Bal. Beg. Bal. End. Bal. Beg. Bal. End. Bal. DD Factory Building 90,000 24,000 114,000 Accounts Payable 15,000 15,000 Notes payable (current) 7,000 13,000 (c) 9,000 (f) 29,000 Common Stock 10,000 1,000 (e) 11,000 Retained Earnings 33 Beg. Bal. (9) End. Bal. Beg. Bal. End. Bal. Beg. Bal. End. Bal. Beg. Bal. End. Bal. Intangibles: 5,000 3,000 8,000 Accrued Liabilities Payable 4,000 4,000 Notes payable (noncurrent) 47,000 16,000 (h) 63,000 Additional Paid-in Capital 80,000 10,000 90,000 (e) 1.66 points End, Bal Beg. Bal. End. Bal. Beg. Bal End. Bal. Beg. Bat. End. Bal. 15,000 Notes payable (current) 7,000 13,000 9.000 29,000 Common Stock Retained Earnings (c) (1) 10.000 1,000 (e) 11,000 31,000 31,000 O End. Bal Beg. Bat. End. Bal Beg Bal End. Bal 4,000 Notes payable (noncurrent) 47,000 16,000 63,000 Additional Paid-in Capital 80,000 10,000 90,000 (h) (0)

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