Posted: December 14th, 2023

The following information is provided for Hennepin Productions, Inc. at December 31, 2015:

ACCT: 2100Spring 2016Chapter 2 Take Home QuizThe following information is provided for Hennepin Productions, Inc. at December 31, 2015:Hennepin Productions – Monthly Account Balances(in thousands of dollars) BalanceCash $ 20,000Short-Term Investments 3,150Accounts Receivable 5,500Other Assets 1,800Plant and Equipment 1,200Land 5,000Long-Term Investments 500Other Noncurrent Assets 800Accounts Payable 5,750Accrued Expenses Payable 1,600Interest PayableShort-Term Notes Payable3,1005,000Long-Term Notes Payable 6,000Dividends Payable 1,500Common Stock 4,600Retained Earnings 10,400Hennepin Productions entered into the following transactions (in thousands of dollars) duringJanuary 2016:1. Issued 400 shares of common stock for $9 each.2. Paid $5,200 on a short-term note payable including $1,500 of accrued interest from lastperiod.3. Purchased supplies worth $2,250 on account.4. Geoffrey Hennepin, CEO signed a $15,000 note payable for construction of his beachhouse. The note is due on January 31, 2017.5. Paid a cash dividend of $1,500.6. Purchased 100 shares of stock in Barbara Productions for $25 each. Hennepin intends tohold the investment for 5 years.7. Purchased equipment totaling $20,000 by signing a $12,500 note due January 31, 2018.The remaining balance was paid in cash.8. Sold $500 of long term investments in exchange for $500.9. Collected $750 on outstanding accounts receivable.10. Paid accounts payable of $5,750.Required:a. Prepare the journal entry for each transaction.b. Create T-accounts with beginning balances. Post each journal entry to the appropriate Taccount.Create new accounts as necessary.c. Prepare comparative balance sheets at December 31, 2015 and January 31, 2016 in goodform.d. Calculate the current ratio at December 31, 2015 and January 31, 2016. Assuming thatHennepin has a target ratio of 1.0, has the ratio improved or deteriorated? Explain why?

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