The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $4,540 from a local bank on a note due in six months. b. Received $5,230 cash from investors and issued common stock to them. c. Purchased $1,600 in equipment, paying $500 cash and promising the rest on a note due in one year. d. Paid $600 cash for supplies. e. Bought and received $1,000 of supplies on account. Required: Prepare a classified balance sheet for Spotlighter, Incorporated, as of January 31. Current Assets Cash Supplies Equipment Total Current Assets Common Stock Total Assets Assets SPOTLIGHTER INCORPORATED Balance Sheet At January 31 Current Liabilities Liabilities Accounts Payable Notes Payable (long-term) Common Stock 1,600 1,100 2,700 Total Current Liabilities $ 2,700 Total Liabilities and Stockholders' Equity $ 0 0

The following are the transactions of Spotilighter, Incorporated, for the month of January. a. Borrowed $4,540 from a local bank on a note due in six months. b. Received $5,230 cash from investors and issued common stock to them. c. Purchased $1,600 in equipment, paying $500 cash and promising the rest on a note due in one year. d. Paid $600 cash for supplies. e. Bought and recelved $1,000 of supplies on account. Required: Prepare a classified balance sheet for Spotlighter, Incorporated, as of January 31