Required 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 $34,000 cash from the company's founders in exchange for common stock. b. Purchased land for $12,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a note due in three years for $18,000 (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 Jonah Lee paid $290,000 cash for a house for his personal use. 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. LASER DELIVERY SERVICES, INCORPORATED Balance Sheet

Required 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 $34,000 cash from the company's founders in exchange for common stock. b. Purchased land for $12,500, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $10,000 each; paid $2,000 cash and signed a note due in three years for $18,000 (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 Jonah Lee paid $290,000 cash for a house for his personal use. 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. LASER DELIVERY SERVICES, INCORPORATED Balance Sheet

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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