The following transactions occurred for Lantana Company during its first month o

Question

The following transactions occurred for Lantana Company during its first month of operation:s and have been recorded in the T-accounts below a. Received $50,000 cash from owners in exchange for common stock b. Purchased land for $20,000, paid S5,000 in cash and signed a 2-year note for the remainder. c. Bought $900 of supplies on account. d. Purchased S10,000 of equipment, paying cash. e. Paid $500 on account for supplies purchased in transaction(c Cash 50,000 5,000 b, c. 10,000 d 500 e bal Land Equipment 10,000 20,000 d. bal Accounts Payable Note Payable 900 C 15,000 b bal bal Common Stock 50,000 a bal Required: Using the T-account BALANCES and the information in the transactions, prepare a classified balance sheet for Lantana Comp Note: Use cell references to the T-occount titles to complete columns B and G. Use cell references to the T-account bolances and formulos to complete columns C and H. List long-term assets in alphabetical order any. LANTANA COMPANY Balance Sheet At December 31, 2016 Assets abilities and Stockholder ent Liabilities Total Current Assets Total Current Liabilities Total Long-term Assets otal Long-term Liabilities Total Liabilities Retained Earnings Total Stockholders' Equity otal Liabilities Total Assets and Stockholders' Equ

Explanation / Answer

LANTANA COMPANY Balance Sheet At December 31st,2016 Assets Amount Liabilities Amount Current Assets Current Liabilities Cash $ 34,500.00 Accounts Payable $        400.00 Supplies $        900.00 Total Current Liabilities $        400.00 Total Current Assets $ 35,400.00 Long Term Liabilities Long Term Assets Note Payable $ 15,000.00 Land $ 20,000.00 Total Liabilities $ 15,400.00 Equipment $ 10,000.00 Stock holder's Equity Total Long Term Assets $ 30,000.00 Common Stock $ 50,000.00 Retained Earnings $                 -   Total Stock holder's Equity $ 50,000.00 Total Assets $ 65,400.00 Total Liabilities & Stock Holders Equity $ 65,400.00

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.