Preparing a classified balance sheet-Excel HOME INSERT PAGE LAYOUT FORMULAS DATA
ID: 2599899 • Letter: P
Question
Preparing a classified balance sheet-Excel HOME INSERT PAGE LAYOUT FORMULAS DATA REVEW VEW ; l u .-. e.-. Alignment Number Conditional Formatas Cel Celis Editing Formatting TableStyles A1 x :: The following transactions occurred for Lantana Company during its first month ~ 1 Thelollowing transactions occurred for Lantana Company during its first month of operations 2 and have been recorded in the T-accounts below 4 a. Received $50,000 cash from owners in exchange for common stock. 5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder 6 c. Bought $900 of supplies on account. 7 d. Purchased $10,000 of equipment, paying cash. s e. Paid $500 on account for supplies purchased in transaction (c) 10 i a. 12 13 14 bal. 15 16 50,000 5,000 b 10,000 d 500 e d. 18 19 bal. 20 Accounts Payable e Payable 21 22 e. 23 15,000 b. 900 Sheetl Picv1 of 2 aquí para buscarExplanation / Answer
Balance Sheet Assets liabilities & stockholders equity current assets Current liabilities cash 34,500 accounts payable 400 supplies 900 total current liabilities 400 total current assets 35,400 long term liabilities Notes payable 15,000 long term assets land 20,000 total long term liabilities 15,000 Equipment 10,000 total liabilties 15,400 total long term assets 30,000 Stockholders Equity common stock 50,000 retained earnings 0 total stockholders Equity 50,000 total assets 65,400 total liabilities & stockholders equity 65,400