60.1K

Verified Solution

Link Copied!

Excel

AB DEF The following transactions occurred for Lantana Company during its first month of operations and have been recorded in the T-accounts below. a. Issued 7,500 shares of stock with a par value $0.10 to three owners (2,500 shares each) for $75,000 in cash. * b. Purchased a short-term investment for $10,000 cash. C. Purchased 2 acres of land for $20,000, paid $5,000 in cash and signed a 2 year note for the remainder. d. Bought $900 of supplies on account. e. Sold 1/2 acre of land for $5,000. Accepted a note to receive payment in one year. f. Purchased $10,000 of equipment in cash. g. Paid $500 on account for supplies purchased in transaction (d). Cash a. 75,000 b. Short-Term Investments 10,000 10,000 b. 5,000 c. 10,000 500 g bal. 49.500 bal 10.000 Notes Receivable Supplies 5,000 900 Sheet1 BU Formatting Table - Styles Styles pboard Font 11 AB D E F G H Cash a. 75,000 Short-Term Investments 10,000 10,000 5,000 10,000 b. b. C. f. 500 g 3 bal. 49,500 bal. 10.000 Notes Receivable Supplies e 5,000 900 - bal. 5.000 bal 900 Land C. 20,000 Equipment 5,000 e. f. 10,000 bal. 15.000 bal. 10.000 Accounts Payable 900 d. Note Payable 15,000 400 bal. ... 15.000 Sheet1 ba EADY DE F G H LANTANA COMPANY Balance Sheet At December 31, 2016 Liabilities and Stockholders' Equity Current Liabilities 49,500 10,000 5,000 900 Assets Current Assets Cash Short-Term Investments Notes Receivable Supplies $ Total Current Assets 65,400 Total Current Liabilities Long-term Assets Long-term Liabilities Total Long-term Assets Total Long-term Liabilities Total Liabilities Stockholders' Equity Sheet Retained Earnings

Answer & Explanation Solved by verified expert

See Answer