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Lantana Company Balance Sheet  At December 31, 2016 Assets Liabilities and Stockholder's Equity Current Assets   Current Liabilities                   Total Current Assets   Total Current Liabilities           Long-term Assets   Long-term Liabilities                   Total Long-term Assets   Total Long-term Liabilities       Total Liabilities               Stockholders Equity               Retained Earnings 0     Total Stockholders Equity       Total Liabilities   Total Assets   and Stockholders' Equity

Lantana Company Balance Sheet  At December 31, 2016 Assets Liabilities and Stockholder's Equity Current Assets   Current Liabilities                   Total Current Assets   Total Current Liabilities           Long-term Assets   Long-term Liabilities                   Total Long-term Assets   Total Long-term Liabilities       Total Liabilities               Stockholders Equity               Retained Earnings 0     Total Stockholders Equity       Total Liabilities   Total Assets   and Stockholders' Equity

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lantana Company
Balance Sheet 
At December 31, 2016
Assets Liabilities and Stockholder's Equity
Current Assets   Current Liabilities  
       
       
Total Current Assets   Total Current Liabilities  
       
Long-term Assets   Long-term Liabilities  
       
       
Total Long-term Assets   Total Long-term Liabilities  
    Total Liabilities  
       
    Stockholders Equity  
       
    Retained Earnings 0
    Total Stockholders Equity  
    Total Liabilities  
Total Assets   and Stockholders' Equity  
       
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. 8 e. Paid $500 on account for supplies purchased in transaction (c ). 8. 6. 10 Cash Supplies 11 a. 50,000 5,000 b. C. 900 12 10,000 d. 13 500 e. 14 bal. 34,500 bal. 900 15 16 Land Equipment 10,000 17 b. 20,000 d. 18 19 bal. 20,000 bal. 10,000 20 21 Accounts Payable Note Payable 22 le. 500 900 15,000 b. C. 23 24 400 bal. 15,000 bal. 25 26 Common Stock Sheet1 寸 寸
Transcribed Image Text: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. 8 e. Paid $500 on account for supplies purchased in transaction (c ). 8. 6. 10 Cash Supplies 11 a. 50,000 5,000 b. C. 900 12 10,000 d. 13 500 e. 14 bal. 34,500 bal. 900 15 16 Land Equipment 10,000 17 b. 20,000 d. 18 19 bal. 20,000 bal. 10,000 20 21 Accounts Payable Note Payable 22 le. 500 900 15,000 b. C. 23 24 400 bal. 15,000 bal. 25 26 Common Stock Sheet1 寸 寸
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