Homework Help is Here – Start Your Trial Now!
Business
Accounting
Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long- term) Equipment Factory building Intangibles During the ONE 5. Prepare a classified balance sheet at December 31, 2015. Current assets $23,000 Accounts payable 2.200 Accrued liabilities payable 4,100 Notes payable (short-term) 26,000 Notes payable (long-term) 1,100 Common stock 52,000 Additional paid-in capital 92,000 Retained earnings 4,500 Assets Total current assets Non-current assets Total non-current assets Total assets During the year 2015, the company had the following summarized activities: a. Purchased short-term investments for $8,100 cash. b. Lent $5,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $20,000; paid $4,400 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 $90,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 1,800 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $19,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,600 cash. h. Built an addition to the factory for $27,000; paid $8,100 in cash and signed a three- year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $3,800. COUGAR PLASTICS COMPANY Balance Sheet At December 31, 2015) S ✪ 0 Current liabilities $ Total current liabilities Total liabilities 13,000 2.300 7.200 40,000 9,900 89,100 43,400 Liabilities D Stockholders' Equity 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 0 0 0

Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long- term) Equipment Factory building Intangibles During the ONE 5. Prepare a classified balance sheet at December 31, 2015. Current assets $23,000 Accounts payable 2.200 Accrued liabilities payable 4,100 Notes payable (short-term) 26,000 Notes payable (long-term) 1,100 Common stock 52,000 Additional paid-in capital 92,000 Retained earnings 4,500 Assets Total current assets Non-current assets Total non-current assets Total assets During the year 2015, the company had the following summarized activities: a. Purchased short-term investments for $8,100 cash. b. Lent $5,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $20,000; paid $4,400 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 $90,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 1,800 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $19,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,600 cash. h. Built an addition to the factory for $27,000; paid $8,100 in cash and signed a three- year note for the balance. 1. Returned defective equipment to the manufacturer, receiving a cash refund of $3,800. COUGAR PLASTICS COMPANY Balance Sheet At December 31, 2015) S ✪ 0 Current liabilities $ Total current liabilities Total liabilities 13,000 2.300 7.200 40,000 9,900 89,100 43,400 Liabilities D Stockholders' Equity 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 0 0 0

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
See similar textbooks
icon
Related questions
Topic Video
Question
Don't provide answer in image format
Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long- term) Equipment Factory building Intangibles During the unr 30 Current assets $23,000 Accounts payable 2.200 Accrued liabilities payable 4,100 Notes payable (short-term) 26,000 Notes payable (long-term) 5. Prepare a classified balance sheet at December 31, 2015. Assets 1,100 Common stock 52,000 Additional paid-in capital 92,000 Retained earnings 4,500 Total current assets Non-current assets Total non-current assets Total assets During the year 2015, the company had the following summarized activities: a. Purchased short-term investments for $8,100 cash. b. Lent $5,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $20,000; paid $4,400 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 $90,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 1,800 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $19,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,600 cash. h. Built an addition to the factory for $27,000; paid $8,100 in cash and signed a three- year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,800. COUGAR PLASTICS COMPANY Balance Sheet At December 31, 2015 $ + 0 Current liabilities $ Total current liabilities Total liabilities 13,000 2.300 7.200 40,000 9,900 89,100 43,400 Liabilities D Stockholders' Equity 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 0 0 0
Transcribed Image Text:Cougar Plastics Company has been operating for three years. At December 31, 2014, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long- term) Equipment Factory building Intangibles During the unr 30 Current assets $23,000 Accounts payable 2.200 Accrued liabilities payable 4,100 Notes payable (short-term) 26,000 Notes payable (long-term) 5. Prepare a classified balance sheet at December 31, 2015. Assets 1,100 Common stock 52,000 Additional paid-in capital 92,000 Retained earnings 4,500 Total current assets Non-current assets Total non-current assets Total assets During the year 2015, the company had the following summarized activities: a. Purchased short-term investments for $8,100 cash. b. Lent $5,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $20,000; paid $4,400 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 $90,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 1,800 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $19,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $1,600 cash. h. Built an addition to the factory for $27,000; paid $8,100 in cash and signed a three- year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $3,800. COUGAR PLASTICS COMPANY Balance Sheet At December 31, 2015 $ + 0 Current liabilities $ Total current liabilities Total liabilities 13,000 2.300 7.200 40,000 9,900 89,100 43,400 Liabilities D Stockholders' Equity 0 Total stockholders' equity 0 Total liabilities and stockholders' equity $ 0 0 0 0
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS