Question

Hints References eBook & Resources Required Information Hint 1 [The following information applies to the questions displayed below] Check my work Laser Delivery Services, Inc. (LDS) was incorporated January 1. The following transactions occurred during the year .00 points a Received $37,000 cash from the company's founders in exchange for common stock b. Purchased land for $14,000, signing a two year note ignore interest) c. Bought two used delivery trucks at the start of the year at a cost of $9,000 each paid $3.500 cash and signed a note due in three years for $14.500 ignore interest Paid $1,800 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks Stockholder Jonah Lee paid $320,000 cash for a house for his personal use. Prepare a classified balance sheet for Laser Delivery Services, Inc. at the end of December Enter Retained earnings with a zero balance in the appropriate section LASER DELIVERY SERVICES, INC. Balance Sheet Assets Liabilities

Answer 1

28,500 Assets Cash Equipment Land BALANCE SHEET Liabilities 31,700 Notes Payable 19,800 14,000 SH Equity Common stock 37,000 65,500 65,500 Liabilties = Acct/Pay Notes Pay SH Equity Common stock 37,000 WORKING: Assets Cash Equip Land 37,000 14,000 -3,500 18,000 -1,800 1,800 31,700 19,800 14,000 Assets = 65,500 14,000 14,500 37,000 0 28,5000 Liabilities + SH Equity = 65,500