Question

Injection Plastics Company has been operating for three years. At December 31, 2017, the accounting records reflected the folRequired: 1 & 2. Post the T-accounts for each of the accounts on the statement of financial position and enter the balances aFactory Building Intangibles in Beg. bal. Beg. bal. End. bal. End. bal. Accounts Payable Accrued Liabilities Beg. bal. Beg. b4. Prepare a trial balance at December 31, 2018. Credit INJECTION PLASTICS COMPANY Trial Balance At December 31, 2018 Debit C5. Prepare a classified statement of financial position at December 31, 2018. INJECTION PLASTICS COMPANY Statement of Financi

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Cash A/C

Opening balance

Share capital

Notes payable

Cash

Total

31000

24000

14000

3000

72000

By equipment

Notes receivable

Investment

Notes payable

Patent

Building

Balance c/d

Total

8000

9000

11000

7000

5000

11000

21000

72000

Investment A/C

Opening Balance

Cash

4000   

11000

Balance c/d    15000

Account Receivable

Opening Balance 5000 Balance c/d 5000

Inventory

Opening Balance 34000 Balance c/d 34000

Notes Receivable

Opening Balance

Cash

3000

9000

Balance c/d 5000

Equipment A/C

Opening Balance

Cash

58000

22000

Cash

Balance c/d

3000

77000

Factory Building

Opening Balance

Cash

100000

31000

Balance C/D 131000

Intangible A/C

Opening Balance

Cash

5000

5000

Balance C/D 10000

Account Payable

Balance c/d 17000 Opening Balance 17000

Accrued liabilities

Balance cd

99000

Opening Balance

hire payble

4000

95000

Notes Payable

Balance C/D 106000

Opening Balance

Equipment

Cash

Factory

58000

14000

14000

20000

Short term Borrowing

Balance C/D 19000 Opening Balance 19000

Contributed Capital

Balance C/D 134000

Opening Balance

Cash

110000

24000

Retained Earning

Balance C/D 42000 Opening Balance 42000
Add a comment
Know the answer?
Add Answer to:
Injection Plastics Company has been operating for three years. At December 31, 2017, the accounting records...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Injection Plastics Company has been operating for three years. At December 31, 2017, the accounting records...

    Injection Plastics Company has been operating for three years. At December 31, 2017, the accounting records reflected the following: $ Cash Investments (short-term) Accounts receivable Inventories Notes receivable (long-term) Equipment Factory building $ 21,000 Intangibles 2.000 Accounts payable 3,000 Accrued liabilities 24,000 Short-term borrowings 1,000 Notes payable (long-term) 48.000 Contributed capital 90,000 Retained earnings 3,000 15,000 2,000 7,000 48,000 90.000 30,000 During the year 2018, the following summarized transactions were completed: a. Purchased equipment that cost $18,000; paid $6,000 cash...

  • Jaguar Plastics Company has been operating for three years. At December 31 of last year, the...

    Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $ 26,000 Accounts payable 2,400 Accrued liabilities payable 4,100 Notes payable (current) 26,000 Notes payable (noncurrent) 1,800 Common stock 53,000 Additional paid-in capital 94,000 Retained earnings 3,700 $ 16,000 2,700 6,200 44,000 9,900 89,100 43, 100 During the current year, the company had the following summarized...

  • Cougar Plastics Company has been operating for three years. At December 31 of last year, the...

    Cougar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash $ 20,000 Accounts payable $ 19,000 Investments (short-term) 3,500 Accrued liabilities payable 2,000 Accounts receivable 4,400 Notes payable (short-term) 5,200 Inventory 30,000 Notes payable (long-term) 49,000 Notes receivable (long-term) 1,400 Common stock 9,300 Equipment 43,000 Additional paid-in capital 83,700 Factory building 101,000 Retained earnings 38,600 Intangibles 3,500 Summarized activities during the year: Purchased short-term investments for $7,800 cash....

  • P2-3 Recording Transactions in T-Accounts, Preparing a Statement of Financial Position from a Trial Balance, and...

    P2-3 Recording Transactions in T-Accounts, Preparing a Statement of Financial Position from a Trial Balance, and Evaluating the Current Ratio LO2-4, 2-6 Injection Plastics Company has been operating for three years. At December 31, 2020, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventories Notes receivable (long-term) Equipment Factory building $23,500 2,500 3,500 26,500 1,500 50,500 92,500 Intangibles Accounts payable Accrued liabilities Short-term borrowings Notes payable (long-term) Contributed capital Retained earnings $ 3,500 15,500 2,500 7,500 50,500...

  • Jaguar Plastics Company has been operating for three years. At December 31 of last year, the...

    Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $ 26,000 Accounts payable 2,400 Accrued liabilities payable 4,100 Notes payable (current) 26,000 Notes payable (noncurrent) 1,800 Common stock 53,000 Additional paid-in capital 94,000 Retained earnings 3,700 $ 16,000 2,700 6,200 44,000 9,900 89, 100 43,100 During the current year, the company had the following summarized...

  • [The following information applies to the questions displayed below. Cougar Plastics Company has been operating for...

    [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 $22,000 Accounts payable Cash Investments (short-term) Accounts recelvable Inventory Notes receivable (long-term Equipment Factory building Intangibles $15,000 3,000 Accrued liabilities payable 4,000 3,000 Notes payable (short-term7000 20,000 Notes payable (long-term 47,000 10,000 80,000 31,000 1,000 Common stock 50,000 Additional paid-in capital 90,000 Retained earnings 5,000 During the current year, the...

  • Jaguar Plastics Company has been operating for three years. At December 31 of last year, the...

    Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $19,000 Accounts payable 3,800 Accrued liabilities payable 3,600 Notes payable (current) 24,000 Notes payable (noncurrent) 1,300 Common stock 45,000 Additional paid-in capital 97,000 Retained earnings 3,900 $21,000 3,200 6,700 47,000 9,100 81,900 28,700 During the current year, the company had the following summarized activities: a. Purchased...

  • [The following information applies to the questions displayed below Cougar Plastics Company has been operating for...

    [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: $20,000 3,400 7,600 42,000 9,800 88,200 49,500 Cash Investments (short-term) Accounts receivable S 21,000 Accounts payable 3,500 3,500 28,000 1,700 51,000 Accrued liabilities payable Notes payable (short-term) Notes payable (long-term) Common stock Additional paid-in capital Notes recelvable (long-term) Equipment Factory building Intangibles 107000 Retained earnings 4,800 During the current year,...

  • Where is uncomplete? The following information applies to the questions displayed below) Cougar Plastics Company has...

    Where is uncomplete? 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...

  • [The following information applies to the questions displayed below.) Jaguar Plastics Company has been operating for...

    [The following information applies to the questions displayed below.) Jaguar Plastics Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Cash Investments (short-term) Accounts receivable Inventory Notes receivable (long-term) Equipment Factory building Intangibles $ 23,000 Accounts payable 3,400 Accrued liabilities payable 4,200 Notes payable (current) 26,000 Notes payable (noncurrent) 2,100 Common stock 49,000 Additional paid-in capital 101,000 Retained earnings 4,100 $21,000 3,600 5,300 48,000 10,100 90,900 33,900 During the current...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT