Question

Required information (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 $ 24,000 Accounts payable 3,100 Accrued liabilities payable 4,700 Notes payable (current) 28,000 Notes payable (noncurrent) 1,200 Common stock 48,000 Additional paid-in capital 109,000 Retained earnings 4,500 $ 23,000 3,700 7,300 44,000 11,000 99,000 34,500 During the current year, the company had the following summarized activities: a. Purchased short-term investments for $9,000 cash. b. Lent $5,300 to a supplier who signed a two-year note. c. Purchased equipment that cost $25,000; paid $5,800 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 $77,000 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 1,900 shares of $0.50 par value common stock for $16,000 cash. f. Borrowed $13,000 cash from a local bank, payable in three months. g. Purchased a patent (an intangible asset) for $2,600 cash. h. Built an addition to the factory for $24,000; paid $7,200 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,300.

How is this not complete?

Answer 1

Dear student,

Everything single thing you have calculated and presented is perfect. Only one small thing is missing.

it is the title

Noncurrent assets

notes receivable, equipment, factory building intangibles are to be titled as noncurrent assets

in the line between total current assets and notes receivable, put Noncurrent assets.