P2-3 Recording Transactons in T-Accoun±s,
I need assistance with problem P2-3, parts 1-6 please. Please show calculations where applicable.Â
P2-3 Recording Transactons in T-Accoun±s, Preparing ±he Balance Shee± from a Trial Balance, and Evaluatng ±he Curren± Rato LO2-2, 2-4, 2-5 Cougar Plastcs Company has been operatng for Three years. AT December 31, 2014, The accountng records reFecTed The following: $ 22,000 AccounTs payable $ 15,000 3,000 Accrued liabilites payable 4,000 3,000 NoTes payable (shorT-Term) 7,000 20,000 Long-Term noTes payable 47,000 1,000 Common sTock 10,000 50,000 Additonal paid-in capiTal 80,000 90,000 ReTained earnings 31,000 5,000 During The year 2015, The company had The following summarized actvites: 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. ±he conTracT was for $85,000 per year plus optons To purchase company sTock aT a seT price based on compa e. Issued an additonal 2,000 shares of $0.50 par 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 additon To The facTory for $24,000; paid $8,000 in cash and signed a Three-year noTe for The balance. i. ReTurned defectve equipmenT To The manufacTurer, receiving a cash refund of $1,000. Required: 1. & 2. Record each necessary en±ry for ±he even±s in 2015 in T-accoun±s (including referencing) and de±ermine ±he ending balances. The balances a± ±he end o 2014 have been en±ered as beginning balances for 2015. (Transacton (a) has been comple±ed in ±he T-accoun±s as an example.) Cash InvesTmenTs (shorT-Term) Beg. Bal. 22,000 Beg. Bal. 3,000 10,000 (a) (a) 10,000 End. Bal. 13,000 End. Bal. 12,000 AccounTs Receivable InvenTory Beg. Bal. 3,000 Beg. Bal. 20,000 End. Bal. 3,000 End. Bal. 20,000 NoTes Receivable (long-Term) EquipmenT Beg. Bal. 1,000 Beg. Bal. 50,000 End. Bal. 1,000 End. Bal. 50,000 ²acTory Building InTangibles Beg. Bal. 90,000 Beg. Bal. 5,000 End. Bal. 90,000 End. Bal. 5,000 AccounTs Payable Accrued Liabilites Payable Beg. Bal. 15,000 Beg. Bal. 4,000 End. Bal. 15,000 End. Bal. 4,000 NoTes Payable (shorT-Term) Long-±erm NoTes Payable Beg. Bal. 7,000 Beg. Bal. 47,000 End. Bal. 7,000 End. Bal. 47,000 Common STock Additonal Paid-in CapiTal Beg. Bal. 10,000 Beg. Bal. 80,000 Cash InvesTmenTs (shorT-Term) AccounTs receivable InvenTory NoTes receivable (long-Term) EquipmenT ²acTory building InTangibles
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Posted 12 Dec 2017 02:12 PM
My Price 10.00
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