Check my work
Intangible assets
4,400
During the current year, the company had the following summarized activities:
a. Purchased short-term investments for $8,400 cash.
b. Lent $6,000 to a supplier, who signed a two-year note.
c. Leased equipment that cost $27,000; paid $4,400 cash and signed a five-year right-of-use lease for the balance.
d. Hired a new president at the end of the year. The contract was for $89,000 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 1,100 shares of $0.50 par value common stock for $17,000 cash.
f. Borrowed $18,000 cash from a local bank, payable in three months.
g. Purchased a patent (an intangible asset) for $2,700 cash.
h. Built an addition to the factory for $29,000; paid $8,700 in cash and signed a three-year note for the balance.
i. Returned defective equipment to the manufacturer, receiving a cash refund of $2,500.
Required:
4. Prepare a trial balance at December 31 of the current year.
able[[JAGUAR PLASTICS COMPANY],[Trial Balance],[At December 31,,],[Account Titles,Debit,Credit],[r.ach,375cap n7,]]
Prev
8
9
10
of 15
Next
8
Check my work
Intangible assets
4,400
During the current year,the company had the following summarized activities:
a.Purchased short-term investments for $8,400 cash b.Lent $6,000 to a supplier,who signed a two-year note c. Leased equipment that cost $27,000;paid $4,400 cash and signed a five-year right-of-use lease for the balance d. Hired a new president at the end of the year.The contract was for $89,000 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.lssued an additional1,100 shares of$0.50 par value common stock for $17,000 cash f. Borrowed $18,000 cash from a local bank,payable in three months. g. Purchased a patent(an intangible asset)for$2,700 cash. h.Built an addition to the factory for $29,000;paid $8,700 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer,receiving a cash refund of $2,500
2of4
Book
Print
erences
Required: 4.Prepare a trial balance at December 31 of the current year
JAGUAR PLASTICS COMPANY
Trial Balance At December 31
Account Titles Cach
Debit 37500
Credit
S 10
<Prev
of 15
Next>