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Im doing this wrong im not sure how to complete this balance sheet. Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions
Im doing this wrong im not sure how to complete this balance sheet.
Laser Delivery Services, Inc. (LDS), was incorporated January 1. The following transactions occurred during the year: a. Received $50,000 cash from the company's founders in exchange for common stock. b. Purchased land for $17,000, signing a two-year note (ignore interest). c. Bought two used delivery trucks at the start of the year at a cost of $15,000 each; paid $2,500 cash and signed a note due in three years for $27,500 (ignore interest). d. Paid $2,500 cash to a truck repair shop for a new motor, which increased the cost of one of the trucks. e. Stockholder Jonah Lee paid $380,000 cash for a house for his personal use. 4. Prepare a classified balance sheet for LDS at December 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. LASER DELIVERY SERVICES, INC. Balance Sheet For the Month Ended December 31 Assets Liabilities Current Assets Cash Notes Payable (long-term) $ 44,500 Total Current Assets 44,500 Stockholders' Equity Common Stock | $ 0 Total Liabilities and Stockholders' Equity $ 44,500Step by Step Solution
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