Complete the January 31, 20__, balance sheet of Liberty Legal Services using the following information.
(1) Stockholders’ equity at January 1, 20__, included capital stock of $120,000.
(2) The land and building were purchased by the business for a total price of $180,000 on January 25, 20__, from a company forced out of business. On January 31, an appraiser valued the property at $240,000.
(3) Additional capital stock was issued in exchange for $30,000 cash.
(4) Retained earnings at January 31, 20___, amounted to $29,400.
LIBERTY LEGAL SERVICES
Balance Sheet
January 31, 20__
Assets |
| Liabilities & Owners’ Equity | |||
Cash | $ 20,000 |
| Liabilities: |
|
|
Accounts receivable |
|
| Notes payable | $ | |
Land | 80,000 |
| Accounts payable | 25,600 | |
Building |
|
| Total liabilities | $ | |
Equipment | 15,000 |
| Owners’equity: |
|
|
|
|
| Capital Stock | $ |
|
|
|
| Retained earnings |
| _______ |
| _______ |
| Total liabilities and owners? equity |
|
|
Total assets | $ |
|
| $355,000 | |
|
|
|
|
| |
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