Complete the January 31, Year 1, balance sheet of Countrywide Legal Services using the following information.
(1) Stockholders' equity at January 1, Year 1, 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, Year 1, 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, Year 1, amounted to $49,400.
COUNTRYWIDE LEGAL SERVICES
Balance Sheet
January 31, Year 1

Question

Quizplus · Accepted Answer

The Answer of Complete the January 31, Year 1, balance sheet of Countrywide Legal Services using the following information.
(1) Stockholders' equity at January 1, Year 1, 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, Year 1, 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, Year 1, amounted to $49,400.
COUNTRYWIDE LEGAL SERVICES
Balance Sheet
January 31, Year 1

Complete the January 31, Year 1, Balance Sheet of Countrywide