Question

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The following information applies to the questions displayed below) Cougar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: $13,000 3,600 5100 47000 0,000 90000 51800 Cash $ 28,000 Accounts payable 2,800 Accrued liabilities payable 4,200 Notes payable (short-term) 31000 Notes payable (long-term) 3,000 Common stock 42.000 Additional paid-in capital Accounts receivable Notes recelvable (long-term Equipment Factory building Intangibles 106.000 Retained earnings 3,500 During the current year, the company had the following summarized activities: a Purchased short-term investments for $7,300 cash. b. Lent $5,600 to a supplier who signed a two-year c Purchased equipment that cost $28,000; paid $5,900 cash and signed a one-year note for the balance d. Hired a new president et the end of e Issued an additional 1,800 shares of $0.50 par value common stock for $13,000 cash t Borrowed $17,000 cash from a local bank, payable in three months g. Purchased a patent (an intangible asset) for $2,500 cash. h. Built an addition to the factory for $28,000, paid $7,800 in cash and signed a three year note for the balance L Returned defective equipment to the manufacturer, receiving a cash refund of $3,000 note the year. The contract was for $78,000 per year plus options to purchase company stock at a set price based on company performance.

Answer 1