Balance Sheet for Spotlighter Assignment | Top Universities

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Balance Sheet for Spotlighter Assignment | Top Universities

The following are the transactions of Spotlighter, Inc., for the month of January.

a. Borrowed $4,140 from a local bank on a note due in six months.
b. Received $4,830 cash from investors and issued common stock to them
c. Purchased $1,200 in equipment, paying $300 cash and promising the rest on a note due in one year.
d. Paid $400 cash for supplies.
e. Bought and received $800 of supplies on account.
Prepare a classified balance sheet for Spotlighter, Inc., as of January 31. SPOTLIGHTER INC. Balance Sheet At January 31 Assets Liabilities Current Assets Current Liabilities 8,270 1,200 Notes Payable (short-term) Cash $ 5,040 Accounts Payable Supplies 800 Property, Plant, and Equipment 1,200 Total Current Assets 10,670 Total Current Liabilities 5,840 Stockholders' Equity Common Stock 4,830 10,670 Total Liabilities and Stockholders' Equity Total Assets $ $ 10,670. Get Accounting homework help today
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Balance Sheet for Spotlighter Assignment | Top Universities

 

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Balance Sheet for Spotlighter Assignment | Top Universities

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