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Massimo Company has been operating for one year (2019). You are a member of the management...
Massimo Company has been operating for one year (2019). You are a member of the management...
Massimo Company has been operating for one year (2019). You are a member of the management team investigating expansion ideas, all of which will require borrowing funds from banks. At the start of 2020, Massimo's T-account balances were as follows: Assets: Cash 2,800 Short-Term Investments 3,800 Property and Equipment 4,3001 Liabilities: Short-Term Notes Payable Long-Term Notes Payable 4,000 2,100 Shareholders' Equity: Contributed Capital Retained Earnings 1,180 3,620 Required: 1. Using the data from these T-accounts, complete the accounting equation on...
Massimo Company has been operating for one year (2019). You are a member of the management...
Massimo Company has been operating for one year (2019). You are a member of the management team investigating expansion ideas, all of which will require borrowing funds from banks. At the start of 2020, Massimo’s T-account balances were as follows: Assets: Cash 1,200 Short-Term Investments 2,200 Property and Equipment 2,700 Liabilities: Short-Term Notes Payable 2,400 Long-Term Notes Payable 500 Shareholders’ Equity: Contributed Capital 1,020 Retained Earnings 2,180 Required: 1. Using the data from these T-accounts, complete the accounting equation on...
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...
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 $ 31,000 Intangibles 4,000 Accounts payable 5,000 Accrued liabilities 34,000 Short-term borrowings 3,000 Notes payable (long-term) 58,000 Contributed capital 100,000 Retained earnings 5,000 17,000 4.000 9,000 58,000 110,000 42,000 During the year 2018, the following summarized transactions were completed: a. Purchased equipment that cost $22,000; paid $8,000 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...
Higgins Company began operations last year. You are a member of the management team investigating expansion...
Higgins Company began operations last year. You are a member of
the management team investigating expansion ideas that will require
borrowing funds from banks. At the start of the current year,
Higgins's T-account balances were as follows:
Assets:
Cash
4,800
Short-Term Investments
2,600
Property and Equipment
3,100
Liabilities:
Short-Term Notes Payable
2,100
Long-Term Notes Payable
360
Common Stock
640
Additional Paid-in Capital
2,560
Retained Earnings
4,840
The following transactions occurred in current year:
Borrowed $3,900 from a local bank, signing...
[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,...
Higgins Company began operations last year. You are a member of the management team investigating expansion...
Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. On January 1, the start of the current year, Higgins' T-account balances were as follows: Assets: Cash 5,000 Short-Term Investments 2,500 Property and Equipment 3,000 | Liabilities: Notes Payable (current) Notes Payable (noncurrect) 2,200 800 Common Stock Retained Earnings Additional Paid-in Capital 4,000 500 3,000 Required: 1. Using the data from these T-accounts, determine the amounts...
[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...
[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...
Massimo Company has been operating for one year (2019). You are a member of the management team investigating expansion ideas, all of which will require borrowing funds from banks. At the start of 2020, Massimo's T-account balances were as follows: Assets: Cash 2,800 Short-Term Investments 3,800 Property and Equipment 4,3001 Liabilities: Short-Term Notes Payable Long-Term Notes Payable 4,000 2,100 Shareholders' Equity: Contributed Capital Retained Earnings 1,180 3,620 Required: 1. Using the data from these T-accounts, complete the accounting equation on...
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...
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 $ 31,000 Intangibles 4,000 Accounts payable 5,000 Accrued liabilities 34,000 Short-term borrowings 3,000 Notes payable (long-term) 58,000 Contributed capital 100,000 Retained earnings 5,000 17,000 4.000 9,000 58,000 110,000 42,000 During the year 2018, the following summarized transactions were completed: a. Purchased equipment that cost $22,000; paid $8,000 cash...
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...
Higgins Company began operations last year. You are a member of
the management team investigating expansion ideas that will require
borrowing funds from banks. At the start of the current year,
Higgins's T-account balances were as follows:
Assets:
Cash
4,800
Short-Term Investments
2,600
Property and Equipment
3,100
Liabilities:
Short-Term Notes Payable
2,100
Long-Term Notes Payable
360
Common Stock
640
Additional Paid-in Capital
2,560
Retained Earnings
4,840
The following transactions occurred in current year:
Borrowed $3,900 from a local bank, signing...
[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,...
Higgins Company began operations last year. You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. On January 1, the start of the current year, Higgins' T-account balances were as follows: Assets: Cash 5,000 Short-Term Investments 2,500 Property and Equipment 3,000 | Liabilities: Notes Payable (current) Notes Payable (noncurrect) 2,200 800 Common Stock Retained Earnings Additional Paid-in Capital 4,000 500 3,000 Required: 1. Using the data from these T-accounts, determine the amounts...
[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...
[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...
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