Requirea information [The following Information applies to the questions displayed below.] Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $40,000 cash from the company's founders in exchange for common stock. b. Purchased land for $15,500, signing a two-year note (Ignore Interest). c. Bought two used delivery trucks at the start of the year at a cost of $12,000 each; paid $5,000 cash and signed a note due in three years for $19,000 (Ignore Interest). d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Ruby Lee paid $350,000 cash for a house for personal use. Required: 4. Prepare a classified balance sheet for Laser Delivery Services at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. Assets Current Assets Cash Land Equipment Answer is not complete. LASER DELIVERY SERVICES, INCORPORATED Balance Sheet At December 31 Liabilities $ 33,500 Notes Payable (long-term) Notes Payable (long-term) 15,500 x 15,500 × $ 19,000 × 25,500 34,500 74,500 Stockholders' Equity Common Stock 40,000 40,000 Total Assets $ 74,500 Total Liabilities and Stockholders' Equity S 74,500
Requirea information [The following Information applies to the questions displayed below.] Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $40,000 cash from the company's founders in exchange for common stock. b. Purchased land for $15,500, signing a two-year note (Ignore Interest). c. Bought two used delivery trucks at the start of the year at a cost of $12,000 each; paid $5,000 cash and signed a note due in three years for $19,000 (Ignore Interest). d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Ruby Lee paid $350,000 cash for a house for personal use. Required: 4. Prepare a classified balance sheet for Laser Delivery Services at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. Assets Current Assets Cash Land Equipment Answer is not complete. LASER DELIVERY SERVICES, INCORPORATED Balance Sheet At December 31 Liabilities $ 33,500 Notes Payable (long-term) Notes Payable (long-term) 15,500 x 15,500 × $ 19,000 × 25,500 34,500 74,500 Stockholders' Equity Common Stock 40,000 40,000 Total Assets $ 74,500 Total Liabilities and Stockholders' Equity S 74,500
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter18: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 1BD
Related questions
Question
![Requirea information
[The following Information applies to the questions displayed below.]
Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the
year:
a. Received $40,000 cash from the company's founders in exchange for common stock.
b. Purchased land for $15,500, signing a two-year note (Ignore Interest).
c. Bought two used delivery trucks at the start of the year at a cost of $12,000 each; paid $5,000 cash and signed a note
due in three years for $19,000 (Ignore Interest).
d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
e. Stockholder Ruby Lee paid $350,000 cash for a house for personal use.
Required:
4. Prepare a classified balance sheet for Laser Delivery Services at December 31. Include Retained Earnings on the balance sheet
even though the account has a zero balance.
Assets
Current Assets
Cash
Land
Equipment
Answer is not complete.
LASER DELIVERY SERVICES, INCORPORATED
Balance Sheet
At December 31
Liabilities
$ 33,500
Notes Payable (long-term)
Notes Payable (long-term)
15,500 x
15,500 ×
$ 19,000 ×
25,500
34,500
74,500
Stockholders' Equity
Common Stock
40,000
40,000
Total Assets
$ 74,500
Total Liabilities and Stockholders' Equity
S
74,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa5822045-42a2-44b8-8b3c-cf2f483f17e7%2F0d8a2861-bb57-4821-9d37-87711ebb9b71%2Fy5ffem_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Requirea information
[The following Information applies to the questions displayed below.]
Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions occurred during the
year:
a. Received $40,000 cash from the company's founders in exchange for common stock.
b. Purchased land for $15,500, signing a two-year note (Ignore Interest).
c. Bought two used delivery trucks at the start of the year at a cost of $12,000 each; paid $5,000 cash and signed a note
due in three years for $19,000 (Ignore Interest).
d. Paid $1,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks.
e. Stockholder Ruby Lee paid $350,000 cash for a house for personal use.
Required:
4. Prepare a classified balance sheet for Laser Delivery Services at December 31. Include Retained Earnings on the balance sheet
even though the account has a zero balance.
Assets
Current Assets
Cash
Land
Equipment
Answer is not complete.
LASER DELIVERY SERVICES, INCORPORATED
Balance Sheet
At December 31
Liabilities
$ 33,500
Notes Payable (long-term)
Notes Payable (long-term)
15,500 x
15,500 ×
$ 19,000 ×
25,500
34,500
74,500
Stockholders' Equity
Common Stock
40,000
40,000
Total Assets
$ 74,500
Total Liabilities and Stockholders' Equity
S
74,500
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