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3 years ago

It is an accounting question

Business

1 answer:

sashaice [31]3 years ago

4 0

Answer:

Latana Company

Classified Balance Sheet

As of the first month of operation

Assets

Current assets:

Cash $49,500

Short-term investments 10,000

Notes receivable 5,000

Supplies 900 $65,400

Long-term assets:

Land 15,000

Equipment 10,000 $25,000

Total assets $90,400

Liabilities and Equity

Current liabilities:

Accounts payable $400

Long-term liabilities:

Notes payable $15,000

Total liabilities $15,400

Stockholders' equity:

Common stock $750

Additional Paid-in Capital 74,250 $75,000

Total liabilities and equity $90,400

Explanation:

a) Data and Calculations:

Latana Company

Trial Balance

As of the first month of operation

Account Titles Debit Credit

Cash $49,500

Short-term investments 10,000

Notes receivable 5,000

Supplies 900

Land 15,000

Equipment 10,000

Accounts payable $400

Notes payable 15,000

Common stock 750

Additional Paid-in Capital 74,250

Total $90,400 $90,400

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