Injection Plastics Company has been operating for three years. At December 31, 2023, the accounting records...

   

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Injection Plastics Company has been operating for three years. At December 31, 2023, the accounting records reflected the following: Cash Investments (short-term) $27,500 3,300 Intangibles Accounts payable $ 4,300 16,300 Accounts receivable 4,300 Accrued liabilities 3,300 Inventories 30,500 Short-term borrowings 8,300 Notes receivable (long-term) 2,300 Notes payable (long-term) 54,500 Equipment 54,500 Contributed capital 103,000 Factory building 96,500 Retained earnings 37,800 During the year 2024, the following summarized transactions were completed: a. Purchased equipment that cost $20,600; paid $7,300 cash and signed a one-year note for the balance. b. Issued 3,300 additional shares for $19,800 cash. c. Lent $8,300 to a manager, who signed a two-year note. d. Purchased short-term investments for $10,300 in cash. e. Paid $6,300 on the note in transaction (a). f. Borrowed $13,300 cash on December 31, 2024, from the bank and signed a note, payable June 30, 2025. g. Purchased a patent (an intangible asset) for $4,300 cash. h. Built an addition to the factory for $28,900; paid $10,300 in cash and signed a three-year note for the balance. i. Hired a new president at the end of the year. The contract was for $91,500 per year plus options to purchase company shares at a set price based on company performance. j. Returned defective equipment to the manufacturer, receiving a cash refund of $2,300. Required: 1 & 2. Post the T-accounts for each of the accounts on the statement of financial position and enter the balances at the end of 2023 as beginning balances for 2024. 4. Prepare a trial balance at December 31, 2024. Answer is complete but not entirely correct. INJECTION PLASTICS COMPANY Trial Balance At December 31, 2024 Debit Credit Cash $ 32,700 Investments (short-term) 13,600 Accounts receivable 4,300 Inventories 30,500 Notes receivable (long-term) 2,300 Equipment 72,800 Factory building 125,400 Intangibles 8,600 Accounts payable $ 16,300 Accrued liabilities 3,300 ( Short-term borrowings Notes payable (long-term) Contributed capital 15,300 94,700 122,800 Retained earnings Totals 37,800 $290,200 $ 290,200 Injection Plastics Company has been operating for three years. At December 31, 2023, the accounting records reflected the following: Cash Investments (short-term) $27,500 3,300 Intangibles Accounts payable $ 4,300 16,300 Accounts receivable 4,300 Accrued liabilities 3,300 Inventories 30,500 Short-term borrowings 8,300 Notes receivable (long-term) 2,300 Notes payable (long-term) 54,500 Equipment 54,500 Contributed capital 103,000 Factory building 96,500 Retained earnings 37,800 During the year 2024, the following summarized transactions were completed: a. Purchased equipment that cost $20,600; paid $7,300 cash and signed a one-year note for the balance. b. Issued 3,300 additional shares for $19,800 cash. c. Lent $8,300 to a manager, who signed a two-year note. d. Purchased short-term investments for $10,300 in cash. e. Paid $6,300 on the note in transaction (a). f. Borrowed $13,300 cash on December 31, 2024, from the bank and signed a note, payable June 30, 2025. g. Purchased a patent (an intangible asset) for $4,300 cash. h. Built an addition to the factory for $28,900; paid $10,300 in cash and signed a three-year note for the balance. i. Hired a new president at the end of the year. The contract was for $91,500 per year plus options to purchase company shares at a set price based on company performance. j. Returned defective equipment to the manufacturer, receiving a cash refund of $2,300. Required: 1 & 2. Post the T-accounts for each of the accounts on the statement of financial position and enter the balances at the end of 2023 as beginning balances for 2024. 4. Prepare a trial balance at December 31, 2024. Answer is complete but not entirely correct. INJECTION PLASTICS COMPANY Trial Balance At December 31, 2024 Debit Credit Cash $ 32,700 Investments (short-term) 13,600 Accounts receivable 4,300 Inventories 30,500 Notes receivable (long-term) 2,300 Equipment 72,800 Factory building 125,400 Intangibles 8,600 Accounts payable $ 16,300 Accrued liabilities 3,300 ( Short-term borrowings Notes payable (long-term) Contributed capital 15,300 94,700 122,800 Retained earnings Totals 37,800 $290,200 $ 290,200