Complete the January 31, 20__, balance sheet of Countrywide Legal Services using the following information. (1) Stockholders’ equity at January 1, 20__, included capital stock of $140,000. (2) The land and building were purchased by the business for a total price of $200,000 on January 25, 20__, from a company forced out of business. On January 31, an appraiser valued the property at $260,000. (3) Additional capital stock was issued in exchange for $50,000 cash. (4) Retained earnings at January 31, 20___, amounted to $49,400. COUNTRYWIDE LEGAL SERVICES Balance Sheet January 31, 20__ Assets Liabilities & Owners’ Equity Cash $90,000 Liabilities: Accounts receivable C Notes payable $ F Land 135,000 Accounts payable 45,600 Building B Total liabilities $ E Equipment 35,000 Owners’ equity: Capital Stock $ D Retained earnings _______ _______ Total liabilities and Total assets $ A owners’ equity $375,000
Complete the January 31, 20__, balance sheet of Countrywide Legal Services using the following information. (1) Stockholders’ equity at January 1, 20__, included capital stock of $140,000. (2) The land and building were purchased by the business for a total price of $200,000 on January 25, 20__, from a company forced out of business. On January 31, an appraiser valued the property at $260,000. (3) Additional capital stock was issued in exchange for $50,000 cash. (4) Retained earnings at January 31, 20___, amounted to $49,400. COUNTRYWIDE LEGAL SERVICES Balance Sheet January 31, 20__ Assets Liabilities & Owners’ Equity Cash $90,000 Liabilities: Accounts receivable C Notes payable $ F Land 135,000 Accounts payable 45,600 Building B Total liabilities $ E Equipment 35,000 Owners’ equity: Capital Stock $ D Retained earnings _______ _______ Total liabilities and Total assets $ A owners’ equity $375,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Complete the January 31, 20__, balance sheet of Countrywide Legal Services using the following information.
(1) Stockholders’ equity at January 1, 20__, included capital stock of $140,000.
(2) The land and building were purchased by the business for a total price of $200,000 on January 25, 20__, from a company forced out of business. On January 31, an appraiser valued the property at $260,000.
(3) Additional capital stock was issued in exchange for $50,000 cash.
(4) Retained earnings at January 31, 20___, amounted to $49,400.
COUNTRYWIDE LEGAL SERVICES
Balance Sheet
January 31, 20__
Assets
Liabilities & Owners’ Equity
Cash $90,000
Liabilities:
Notes payable $ F
Land 135,000
Accounts payable 45,600
Building B
Total liabilities $ E
Equipment 35,000
Owners’ equity:
Capital Stock $ D
Retained earnings
_______
_______
Total liabilities and
Total assets $ A
owners’ equity $375,000
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