Question

Saved pter 2 Homework ( The following are the transactions of Spotlighter, Inc., for the month of January a. Borrowed $5,240 from a local bank on a note due in six months. b. Received $5,930 cash from investors and issued common stock to them. c. Purchased $2,300 in equipment, paying $850 cash and promising the rest on a note due in one year. d. Paid $950 cash for supplies. e. Bought and received $1,350 of supplies on account. Prepare a classified balance sheet for Spotlighter, Inc., as of January 31. Book Print "erences Assets SPOTLIGHTER INC. Balance Sheet At January 31 Liabilities Current Liabilities $ 11,170 Notes Payable (short-term) Common Stock Current Assets Cash 5,240 5.930 Total Current Assets 11,170 Total Current Liabilities 11,170 Total Assets $ 11,170 Total Liabilities and Stockholders' Equity 11,170

Answer 1

SPOTLIGHTER INC.
Balance Sheet
At January 31
Assets		Liabilities
Current Assets		Current Liabilities
Cash	$9370	Notes payable (short-term)	6690
Supplies	2300	Accounts payable	1350
Total current assets		Total current liabilities
		Stockholders' Equity
Equipment	2300	Common stock	5930
Total assets	$13970	Total liabilities and stockholders' equity	$13970

Cash= $5240+5930-850-950= $9370

Supplies= $950+1350= $2300

Notes payable (short-term)= $5240+(2300-850)= $6690