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Need help completing Balance Sheet for certain problem. Not sure how to complete it. The following are the transactions of Spotlighter, Inc., for the month
Need help completing Balance Sheet for certain problem. Not sure how to complete it.
The following are the transactions of Spotlighter, Inc., for the month of January. a. Borrowed $4,640 from a local bank on a note due in six months. b. Received $5,330 cash from investors and issued common stock to them. c. Purchased $1,700 in equipment, paying $550 cash and promising the rest on a note due in one year. d. Paid $650 cash for supplies. e. Bought and received $1,050 of supplies on account. Prepare a classified balance sheet for Spotlighter, Inc., as of January 31. Assets Current Assets Cash Supplies Property, Plant, and Equipment Total Current Assets SPOTLIGHTER INC. Balance Sheet At January 31 Liabilities Current Liabilities Notes Payable (long-term) 1,700 Accounts Payable 1,700 Total Current Liabilities Stockholders' Equity Common Stock Total Assets $ 1,700 Total Liabilities and Stockholders' Equity $ 0Step by Step Solution
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