M$2-12($Algo$)$ Reporting a Classifled Balance Sheet $[$LO $2-4]$

The following are the transactions of Spotlighter, Incorporated, for the month of January.

a$.$ Borrowed $$4,740$ from a local bank on a note due in six months.

b$.$ Received $$5,430$ cash from investors and issued common stock to them.

c$.$ Purchased $$1,800$ in equipment, paying $$600$ cash and promising the rest on a note due in one year.

d$.$ Paid $$700$ cash for supplies.

e$.$ Bought and received $$1,100$ of supplies on account.

Required:

Prepare a classified balance sheet for Spotlighter, Incorporated, as of January $31.$

SPOTLIGHTER INCORPORATED

Balance Sheet

For the Month Ended January $31$

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