4. Prepare a classited balance sheet for Laser Delivery Services at December 31, Include Retained Earnings...

 

  

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4. Prepare a classited 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 Assets Liabilities Curunt Assets Cash 24.200 Notes Payable (ong term) 25 000 24,200 16. B00 0,000 Total Current Assets Total Labiltes 25,000 Stockholders' Equity Equioment 27,000 Common Stock Rotained Eamings Land Total Stockholders Equity 52,000 otal Liabaties and Stockholders Equity 30,600 55,600 Total Assets 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 $27,000 cash from the company's founders in exchange for common stock. b. Purchased land for $9,000, signing a two year note (ignore interest) c. Bought two used dellivery trucks at the start of the year at a cost of $9,000 each; pald $2.000 cash and signed a note due in three years for $16,000 (gnore Interest). d. Paid $800 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks e. Stockholder Jonah Lee paid $220000 cash for a house for his personal use. ces 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. 4. Prepare a classited 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 Assets Liabilities Curunt Assets Cash 24.200 Notes Payable (ong term) 25 000 24,200 16. B00 0,000 Total Current Assets Total Labiltes 25,000 Stockholders' Equity Equioment 27,000 Common Stock Rotained Eamings Land Total Stockholders Equity 52,000 otal Liabaties and Stockholders Equity 30,600 55,600 Total Assets 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 $27,000 cash from the company's founders in exchange for common stock. b. Purchased land for $9,000, signing a two year note (ignore interest) c. Bought two used dellivery trucks at the start of the year at a cost of $9,000 each; pald $2.000 cash and signed a note due in three years for $16,000 (gnore Interest). d. Paid $800 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks e. Stockholder Jonah Lee paid $220000 cash for a house for his personal use. ces 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.

Answer rating: 100% (QA)

Solution LASER DELIVERY SERVICES INC Balancesheet Assets Liabilities ... View the full answer