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Category > Accounting Posted 11 Aug 2017 My Price 13.00

Cougar Plastics Company

P2-3 Recording Transactions in T-Accounts, Preparing the Balance Sheet, and Evaluating the Current Ratio LO2, 4, 5

[The following information applies to the questions displayed below.]

Cougar Plastics Company has been operating for three years. At December 31, 2011, the accounting records reflected the following:
             
Cash $ 21,000   Intangibles $ 4,500
Investments (short-term)   3,200   Accounts payable   13,000
Accounts receivable   4,400   Accrued liabilities payable   2,100
Inventory   32,000   Notes payable (short-term)   7,700
Notes receivable (long-term)   1,900   Long-term notes payable   48,000
Equipment   42,000   Contributed capital   102,000
Factory building   106,000   Retained earnings   42,200

During the year 2012, the company had the following summarized activities:
a. Purchased short-term investments for $8,100 cash.
b. Lent $6,100 to a supplier who signed a two-year note .
c.

Purchased equipment that cost $25,000; paid $5,100 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 $82,000 per year plus options to purchase company stock at a set price based on company performance.
e. Issued an additional 2,900 shares of capital stock for $16,000 cash.
f. Borrowed $18,000 cash from a local bank, payable in three months.
g.

Purchased a patent (an intangible asset) for $1,700 cash.
h.

Built an addition to the factory for $21,000; paid $7,400 in cash and signed a three-year note for the balance.
i.

Returned defective equipment to the manufacturer, receiving a cash refund of $3,500.

 

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Maurice Tutor
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Status NEW Posted 11 Aug 2017 01:08 PM My Price 13.00

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