Complete the January 31, 20, balance sheet of Liberty Legal Services using the f

Question

Complete the January 31, 20, balance sheet of Liberty Legal Services using the following information. Equity at January 1, 20 ,included share capital of $120,000. 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. Additional share capital was issued in exchange for $30,000 cash. (1) (2) (3) (4) Retained carnings at January 31, 20,amounted to $29,400 LIBERTY LEGAL SERVICES Balance Sheet January 31, 20 Assets Liabilities & Equity Cash.. 2000 Liabilities Notes payable. 80,000 Accounts payable. Land Building.. Equipment.. 15,000 Equity Share capital.S Total liabilities and S equity $355,000 Total a

Explanation / Answer

LIBERTY LEGAL SERVICES Balancesheet January 31 20 Assets Liabilities & Equity Cash                    20,000 Liabilities Accounts receivables                    80,000 Notes Payables                   150,000 Land                    80,000 Accounts Payables                     25,600 Building                 160,000 Total Liabilities                   175,600 Equipment                    15,000 Equity     Share Capital                   150,000     Retained earnings                     29,400 Total Assets                 355,000 Total Liabilities & Equity                   355,000

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