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26,000 QUESTION 4 The Longmeadow Painting Company is founded by Sam & Kal on June 1, 2021. During June, the company has the following
26,000 QUESTION 4 The Longmeadow Painting Company is founded by Sam & Kal on June 1, 2021. During June, the company has the following activities Sam and Kal gach contribute $1,500 cash to found Longmeadow (ie, they are each owners of Longmeadow Painting Company). In addition, Sam contributes his van to the company in exchange for additional ownership. Sam and Kal agree that the van is worth $2,400 In addition, Kal contributes two industrial ladders in exchange for additional ownership. Sam and Kal agree that the two ladders have a combined value of $600. Sam and Kal arrange for Longmeadow to borrow $2,000 cash from their friend Pam. Longmeadow uses cash to purchase the following items: $1,800 for Paint $800 for Paint brushes and other supplies Fill in the following balance sheet for Longmeadow Painting Co. based on the above activities. Do NOT enter $ signs, just numbers. Remember, in a balance sheet. Assets must equal Liabilities Plus Owners' Equity! Longmeadow Painting Co. Balance Sheet As of June 30, 2021 4 points
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