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Regent University Alyssa Plastic Company Statement of Financial Position Balance Sheet

Regent University Alyssa Plastic Company Statement of Financial Position Balance Sheet

Question Description

Alyssa Plastic Company has been operating for three years. At December 31 of last year, the accounting records reflected the following:



Liabilities & Equity



$ 22,000

Accounts Payable

$ 15,000

Marketable Securities


Accrued Liabilities


Accounts Receivable


Notes Payable (Short Term)


Notes Receivable


Long-Term Notes Payable




Common Stock




Additional Paid-in Capital


Factory Building


Retained Earnings




Total Assets


Total Liabilities & Equity


During the current year, the company had the following summarized activities:

  • Purchased marketable securities for $10,000 cash.
  • Lent $5,000 to a supplier, who signed a two-year note.
  • Purchased equipment that cost $18,000; paid $5,000 cash and signed a one-year note for the balance.
  • 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.
  • Issued an additional 2,000 shares of $0.50 par value common stock for $11,000 cash.
  • Borrowed $9,000 cash as a short-term note payable from a local bank.
  • Purchased a patent for $3,000 cash.
  • Built an addition to the factory for $24,000; paid $8,000 in cash and signed a three-year note for the balance.
  • Returned defective equipment to the manufacturer, receiving a cash refund of $1,000.


  • Create a journal entry for each transaction.
  • Prepare a balance sheet as of December 31 of the current year.
  • Analyze the financial status of the company over this last year.

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