Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...
See similar textbooks
icon
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
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
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS