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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 $18,000 3,200 6,800 Cash $ 19,808 Accounts payable Investments (short- 3,000 Accrued liabilities term) payable Accounts receivable 3,200 Notes payable (current) Inventory 30,000 Notes payable (noncurrent) Notes receivable (long-term) 2,380 Common stock Equipment 48,000 Additional paid-in capital Factory building 188,880 Retained earnings Intangibles 3,200 40,000 1e, 200 91,800 39,500 During the current year, the company had the following summarized activities a. Purchased short-term investments for $8.100 cash b. Lent $5.700 to a supplier who signed a two year note Purchased equipment that cost $18,000, paid $4,800 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 2,300 shares of $0.50 par value common stock for $14,000 cash Borrowed $15,000 cash from a local bank, payable in three months Purchased a patent (an intangible asset for $2,900 cash Built an addition to the factory for $26,000 paid $7.300 in cash and signed a three-year note for the balance Returned defective equipment to the manufacturer receiving a cash refund of $3.400 4. Prepare a trial balancent December 31 of the current yet Credit JAGUAR PLASTICS COMPANY Trial Balance At December 31 Account This Dobil Cash Investments (short-term) Accounts receivable Inventory Notes receivable long term Equipment Factory building Intang bios Accounts payable Accrued liabilities payable Notes payable (current) Notes poyablononcurrent Common TCK Anoni pa din capital Retained caring Tous 14 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) Beg. Bal. Cash 19,000 8,100 (a) 5,700 (b) Investments (short-term) Beg. Bal. 3,000 ed End. Bal. 3.000 End. Bal. 5,200 ht Accounts Recolvable Beg Bal 3,200 Inventory 30.000 Beg Bal ence End. Bal 3,200 End. Bal. 30,000 Notes Receivable (long-term Bog. Bal 2,300 Equipment 48,000 Bog. Bal. End. Bal. 2.300 End. Bal. 48.000 Bog. Bal Factory Building 100,000 Intangibles 3,200 Beg. Bal End, Bal. 100.000 End. Bol. 3,2001 Beg, Bal Accounts Payable 18,000 Accrued Liabilities Payable Beg Bal 3,2001 End. Bal 18.000 End. Bal 3,200 Notes payable (current) Beg Bal 6,000 Noten payable (noncurrent) Beg Bar 40,000 End. Bal. 6.000 End. Bal. 40,000 Beg Bail Common Stock 10,200 Additional Paid in Capital Beg Bal 91,8001 End Bal 10,200 End, Bal 91,800 Beg BBL Retained Earnings 39,500 End Bal 0 39,500 {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: $18,000 3,200 , Cash $ 19,000 Accounts payable Investments (short- 3,000 Accrued liabilities term) payable Accounts receivable 3,200 Notes payable (current) Inventory Notes payable 30,000 (noncurrent) Notes receivable (long-term) 2,308 Common stock Equipment Additional paid-in 48, eee capital Factory building 100,000 Retained earnings Intangibles 3,200 40,000 10,280 91,800 39,500 hcc During the current year, the company had the following summarized activities a. Purchased short-term investments for $8.100 cash b. Lent $5,700 to a supplier who signed a two-year note. Purchased equipment that cost $18,000, paid $4,800 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 on additional 2,300 shares of $0.50 par value common stock for $14,000 cash. t Borrowed $15.000 cash from a local bank, payable in three months. 9. Purchased a patent (an Intangible asset) for $2.900 cash. n Bult an addition to the factory for $25,000 paid 57300 in cash and signed a three-year note for the balance. Returned defective equipment to the manufacturer receiving a cash refund of $3,400. 5. Prepare a classified balance sheet at December 31 of the current year JAGUAR PLASTICS COMPANY Balance Sheet Assets Labuities Stockholders' Equity 6. Compute the current ratio for the current year. (Round your answer to 2 decimal places.) Current ratio