4. Prepare a classited balance sheet for Laser Delivery Services at December 31, Include Retained Earnings...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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.
Expert Answer:
Answer rating: 100% (QA)
Solution LASER DELIVERY SERVICES INC Balancesheet Assets Liabilities ... View the full answer
Related Book For
Strategic Management A Competitive Advantage Approach Concepts
ISBN: 978-0133444797
15th edition
Authors: Fred R. David, Forest R. David
Posted Date:
Students also viewed these accounting questions
-
The aggrieved party, in case of misrepresentation or fraud by the other party can_ 1. Avoid but cannot rescind the contract 2. Accept contract but insist that he shall be placed in the position in...
-
Required information [The following information applies to the questions displayed below.] Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their...
-
prepare a classified balance sheet for the month ending August On the 1st of August, Brothers haircut had these transactions during this month. On August 2, Paid $2200 cash for August salon rent. On...
-
Write a function named "count the" in C which counts the number of times a given word "the" appears in the string parameter. Test Data: Input: The string where the word the present more than once....
-
a. Place appropriate points on the axes and draw a graph that fits an obligate thermophile. b. Enter points on the axes and show the growth results of an acidophilic microbe. rate pH rate C
-
Ortho-dichlorobenzene, C6H4Cl2, is obtained when two of the adjacent hydrogen atoms in benzene are replaced with Cl atoms. A skeleton of the molecule is shown here. (a) Complete a Lewis structure for...
-
Use the pain tolerance ratings (PainTolerance) after the activity to estimate the difference in mean pain tolerance between those who just completed a synchronized activity and those who did a...
-
7-B1 Prepare Master Budget Flying Fish Kite Company, a small Woy Woy, Australia, firm that sells kites on the Web, wants a master budget for the 3 months beginning January 1, 20X2. It desires an...
-
Type of Bond Yield 1- year 0.2% 2- year 0.3 3- year 0.5 Using the expectations theory, compute the expected one-year interest rates in (a)the second year (Year 2 only) and (b)the third year (Year...
-
Salazar Company is a job-order costing firm that uses activity-based costing to apply overhead to jobs. Salazar identified three overhead activities and related drivers. Budgeted information for the...
-
An oil company wants to decide how to allocate its budget. The government grants certain tax breaks if the company invests funds in research concerned with energy conservation. However, the...
-
In which way do the licensed professions increase their earnings?
-
Find a good or service in your daily life/local community which you consider to be monopolistically competitive. If possible, take a picture and insert it into your document. If not, describe it by...
-
method ology and Technical Path of "Structual changes in the EU - China Trade --- the impacts of the COVID-19 Pandemic." Create the model which is based on the theory of comparative advantage....
-
From the Tax Policy Center reading: rapid growth of both the elderly and the disabled populations has contributed to increased Social Security and Medicare spending. This growth has directly...
-
working on a study activity and I've been asked to Analyse the vision on "Re-rooting the Dutch food system: from more to better". This includes how the vision has been visually and verbally...
-
A. Record the journal entries for the following transactions: 1. Kara invested $15,000 cash into her KK business on June 1 2. June 2, KK Business paid $400 to cover insurance for the month of June, 3...
-
In order to get an idea on current buying trends, a real estate agent collects data on 10 recent house sales in the area. Specifically, she notes the number of bedrooms in each house as follows: a....
-
Why do you believe cultural products affect all the functions of business?
-
List in prioritized order the top four countries in Africa that are safe, worthwhile, and potentially lucrative for opening new business operations. Give a rationale for each.
-
Governments worldwide are turning to nationalization of companies to cope with economic recession. What are the strategic implications of this trend for firms that compete with these nationalized...
-
Where does the management accounting function fit into an organizations structure?
-
What are the ethical responsibilities of management accountants?
-
Diana Corporation provides the following information for 2017: Calculate the total manufacturing costs incurred in 2017. Beginning inventory of direct materials, 1/1/2017 Purchases of direct...
Study smarter with the SolutionInn App