Question

General Journal tab - Prepare journal entries to record the transactions listed in (a) through (i). Review the accounts as shown in the General Ledger and Trial Balance tabs. General Ledger tab - Each journal entry is posted automatically to the General Ledger. Trial Balance tab - Your choice will determine the reported values on the financial statement tabs. Balance Sheet tab - Use the drop-downs to select the accounts that should be properly included on the Balance Sheet. Analysis tab - Compute the current ratio for the current year.

General Journal tab - Prepare journal entries to record the transactions listed in (a) through (i). Review the accounts as shown in the General Ledger and Trial Balance tabs.

General Ledger tab - Each journal entry is posted automatically to the General Ledger.

Trial Balance tab - Your choice will determine the reported values on the financial statement tabs.

Balance Sheet tab - Use the drop-downs to select the accounts that should be properly included on the Balance Sheet.

Analysis tab - Compute the current ratio for the current year.

Answer 1

Please refer the following image for the solution:  

Journal entries in the books of Jaguar Plastics Company No. Account Titles Debit Credit a. Investments (short-term) $ 8,000 Cash $ 8,000 Ledger accounts in the books of Jaguar Plastics Company Investments (short-term) beginning balance $ 2,200 (a) $ 8,000 ending balance $ 10,200 Note receivable (long-term) beginning balance $ 3,000 (b) $ 5,100 ending balance $ 8,100 Cash beginning balance $ 22,000 (a) (e) $ 750 (b) (e) $ 19,250 (c) (f) $ 15,000 (8) (0) $ 3,100 (h) ending balance $ 60,100 b. $ 5,100 Note receivable (long-term) Cash $ 8,000 $ 5,100 $ 4,300 $ 1,400 $ 7,100 $34,200 $60,100 $ 5,100 c. $ 21,000 $ 10,200 $ 10,200 $ 8,100 $ 8,100 Equipment Cash Note payable (Current) $ 4,300 $ 16,700 $ 3,100 Equipment beginning balance $ 46,000 (1) (c) $ 4,300 (c) $ 16,700 ending balance Common Stock beginning balance $ 9,600 (e) $ 750 $ 10,350 Additional Paid-in Capital beginning balance $ 86,400 (e) $ 19,250 $ 105,650 d. No entry $ 63,900 ending balance ending balance e. $ 20,000 Cash Common Stock (1500 shares * $0.5) Additional Paid-in Capital $ 67,000 $ 67,000 $ 10,350 $ 10,350 $ 105,650 $ 105,650 $ 750 $ 19,250 f. $ 15,000 Cash Note payable (Current) Intangibles beginning balance $ 4,600 $ 1,400 ending balance $ 15,000 Note payable (Current) beginning balance $37,200 (1) (c) $37,200 ending balance $ 6,000 Factory building beginning balance $ 103,000 (h) $ 7,100 ending balance (h) $ 18,900 $ 129,000 S 5,500 $ 15,000 $ 16,700 $ 37,200 $ 129,000 $ 1,400 $ 6,000 $ 6,000 $ 129,000 Intangibles Cash $ 1,400 h. $ 26,000 Note payable (non Current) beginning balance $ 44,000 $62,900 (h) $ 18,900 Factory building Cash Note payable (Non Current) Accounts Receivable beginning balance $ 3,500 ending balance beginning balance Inventory $ 28,000 ending balance ending balance $ 3,500 $ 28,000 $ 7,100 $ 18,900 $62,900 $ 62,900 $ 3,500 $ 3,500 $ 28,000 $ 28,000 i. $ 3,100 Cash Equipment $ 3,100 Accounts Payable beginning balance $ 13,000 $ 13,000 Accrued liabilities Payable beginning balance $ 2,400 $ 2,400 Retained earnings beginning balance $ 51,400 $ 51,400 ending balance ending balance ending balance $ 13,000 $ 13,000 $ 2,400 $ 2,400 $ 51,400 $ 51,400 Current Ratio of Jaguar Palstic Company Current Ratio = Current Assets / Current Laibilities Trial Balance in the books of Jaguar Plastics Company Account Heads Debit Credit Investments (short-term) $ 10,200 Cash $ 34,200 Note receivable (long-term) $ 8,100 Equipment $ 63,900 Common Stock $ 10,350 Additional Paid in capital $ 105,650 Note payable (Current) $ 37,200 Intangibles $ 6,000 Factory building $129,000 Note payable (non Current) $ 62,900 Accounts Receivable $ 3,500 Inventory $ 28,000 Accounts Payable $ 13,000 Accrued liabilities Payable $ 2,400 Retained earnings $ 51,400 Total $282,900 $ 282,900 13,000 2,400 37,200 52,600 Current assets Cash Investments (short-term) Accounts Receivable Inventory Current laibilities Accounts Payable Accrued liabilities Payable Note payable (Current) $34,200 $ 10,200 $ 3,500 $ 28,000 $ 75,900 $ $ S Assets Current assets: Cash $ Investments (short-term) $ Accounts Receivable $ Inventory $ $ Non Current assets: Note receivable (long-term) $ Equipment $ Factory building $ Intangibles $ $ 13,000 2,400 37,200 $ 52,600 Jaguar plastic Company Balance Sheet At December 31 Liabilities Current Liabilities: 34,200 Accounts Payable $ 10,200 Accrued liabilities Payable $ 3,500 Note payable (Current) $ 28,000 $ 75,900 Non Current Liabilities: $ 8,100 Note payable (non Current) $ 63,900 129,000 Total Liabilities $ 6,000 207,000 Stockholders' Equity Common Stock $ Additional Paid in capital $ Additional Paid in capital $ $ 282,900 $ 62,900 62,900 Current Ratio $75,9000 / $52,600 $ 1.44 115,500 10,350 105,650 51,400 167,400 282,900 Total $