Lantana Company Balance Sheet At December 31, 2016 Assets Liabilities and Stockholder's Equity Current Assets Current Liabilities Total Current Assets Total Current Liabilities Long-term Assets Long-term Liabilities Total Long-term Assets Total Long-term Liabilities Total Liabilities Stockholders Equity Retained Earnings 0 Total Stockholders Equity Total Liabilities Total Assets and Stockholders' Equity
Lantana Company Balance Sheet At December 31, 2016 Assets Liabilities and Stockholder's Equity Current Assets Current Liabilities Total Current Assets Total Current Liabilities Long-term Assets Long-term Liabilities Total Long-term Assets Total Long-term Liabilities Total Liabilities Stockholders Equity Retained Earnings 0 Total Stockholders Equity Total Liabilities Total Assets and Stockholders' Equity
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 8DQ
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Question
| Lantana Company |
| At December 31, 2016 |
| Assets | Liabilities and |
| Current Assets | Current Liabilities | ||
| Total Current Assets | Total Current Liabilities |
| Long-term Assets | Long-term Liabilities | ||
| Total Long-term Assets | Total Long-term Liabilities |
| Total Liabilities | |||
| Stockholders Equity | |||
| 0 | |||
| Total Stockholders Equity | |||
| Total Liabilities |
| Total Assets | and Stockholders' Equity | ||
Transcribed Image Text:a, Received $50,000 cash from owners in exchange for common stock.
5 b. Purchased land for $20,000, paid $5,000 in cash and signed a 2-year note for the remainder.
6 c. Bought $900 of supplies on account.
7 d. Purchased $10,000 of equipment, paying cash.
8 e. Paid $500 on account for supplies purchased in transaction (c ).
8.
6.
10
Cash
Supplies
11 a.
50,000
5,000
b.
C.
900
12
10,000
d.
13
500
e.
14 bal.
34,500
bal.
900
15
16
Land
Equipment
10,000
17 b.
20,000
d.
18
19 bal.
20,000
bal.
10,000
20
21
Accounts Payable
Note Payable
22 le.
500
900
15,000 b.
C.
23
24
400 bal.
15,000 bal.
25
26
Common Stock
Sheet1
寸
寸
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