Your Perfect Assignment is Just a Click Away

Starting at $8.00 per Page

100% Original, Plagiarism Free, Customized to Your instructions!

glass
pen
clip
papers
heaphones

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:

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:

  • 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.

Required

  • 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.

"Place your order now for a similar assignment and have exceptional work written by our team of experts, guaranteeing you A results."

Order Solution Now

Our Service Charter


1. Professional & Expert Writers: Eminence Papers only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by Eminence Papers are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. Eminence Papers are known for the timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit in all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At Eminence Papers, we have put in place a team of experts who answer all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.