Quiz 1 Alyssa Plastic Alyssa Plastic Company has been operating for three years. At December 31 of last year, the accounting records reflected the following: Assets Amount Liabilities & Equity Amount Cash $ 22,000 Accounts Payable $ 15,000 Marketable Securities 3,000 Accrued Liabilities 4,000 Accounts Receivable 3,000 Notes Payable (Short Term) 7,000 Notes Receivable 1,000 Long-Term Notes Payable 47,000 Inventory 20,000 Common Stock 10,000 Equipment 50,000 Additional Paid-in Capital 80,000 Factory Building 90,000 Retained Earnings 31,000 Intangibles 5,000 Total Assets $194,000 Total Liabilities & Equity $194,000 During the current year, the company had the following summarized activities: a. Purchased marketable securities for $10,000 cash. b. Lent $5,000 to a supplier, who signed a two-year note. c. Purchased equipment that cost $18,000; paid $5,000 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 $85,000 per year plus options to purchase company stock at a set price based on company performance. e. Issued an additional 2,000 shares of $0.50 par value common stock for $11,000 cash. f. Borrowed $9,000 cash as a short-term note payable from a local bank. g. Purchased a patent for $3,000 cash. h. Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance. i. Returned defective equipment to the manufacturer, receiving a cash refund of $1,000. Required 1. Create a journal entry for each transaction. 2. Prepare a balance year as of December 31 of the current year. 3. Analyze the financial status of the company over this last year.
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