Cougar Plastics Company has been operating for 3 years. At December 31, 2011, th
ID: 2363089 • Letter: C
Question
Cougar Plastics Company has been operating for 3 years. At December 31, 2011, the accounting records reflected the following: Cash $19,000 Intangibles $3,000 Investments (short-term) 2,000 Accounts Payable 15,000 Accounts Receivable 3,000 Accrued Liabilities Payable 2,000 Inventory 24,000 Notes Payable (short term) 7,000 Notes Receivable (long term) 1,000 Long Term Notes Payable 46,000 Equipment 48,000 Contributed Capitol 90,000 Factory Building 90,000 Retained Earnings 30,000 During the year 2012, the company has the following summarized activities: 1. Purchased short-term investments for $9,000 cash. 2. Lent $7,000 to a supplier who signed a 2-year note. 3. Purchased equipment that cost $18,000: paid $6,000 cash and signed a one-year note for the balance. 4. Hired a new president at the end of the year. The contract was for $85,000 per year plus options to purchase company stock at a set price based on company performance. 5. Issued an additional 2,000 shares of capitol stock for $12,000 cash. 6. Borrowed $12,000 cash from a local bank, payable in 3 months. 7. Purchased a patent (an intangible asset) for $3,000 cash. 8. Built an addition to the factory for $25,000; paid $9,000 in cash and signed a 3 year note for the balance. 9. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000. Please answer: 1. Create T-accounts for each of the accounts on the balance sheet and enter the balances at the end of 2011 as beginning balances for 2012. 2. Record each of the events for 2012 in T-accounts (including referencing) and determine the ending balances. 3. Explain your response to event (4). 4. Prepare a classified balance sheet at December 2012. 5. Compute the current ratio for 2012. What does this suggest about Cougar Plastics?Explanation / Answer
Cougar Town is an American television sitcom that premiered on ABC on September 23, 2009, but aired on TBS from early 2013.[1] Set in Gulfhaven, Florida (nicknamed "Cougar Town" since its high school teams are the Cougars[2]), the series focuses on a recently divorced woman in her forties facing the often humorous challenges, pitfalls, and rewards of life's next chapter, along with her son, ex-husband, and wine-loving[3] friends who together make up her dysfunctional, but supportive and caring extended family.[4] The pilot episode of the show was broadcast after Modern Family. ABC officially gave the series a full season pickup on October 8, 2009.[5][6] The show was created by Bill Lawrence and Kevin Biegel and is produced by Doozer (Lawrence's company) and Coquette Productions in association with ABC Studios. Filming for the series takes place at Culver Studios in Culver City, California.[7] The broadcasting of the pilot episode achieved 11.28 million viewers.[8] The second season of Cougar Town premiered on September 22, 2010 with 8.35 million viewers.[9] The third season, consisting of 15 episodes, was originally slated to premiere in November 2011[10] but due to ABC's promotion of the ill-fated Man Up! it premiered on February 14, 2012.[11][12] Following the third season finale, it was announced that TBS had purchased the rights to the series for an additional 15 episode season, to air in 2013, with options for additional seasons.