Pool 3 1) Complete the January 31, 2018 balance sheet of All Nation Legal Services using...

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Pool 3 1) Complete the January 31, 2018 balance sheet of All Nation Legal Services using the following information. (1) Stockholders' equity at January 1, 2018, 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, 2018, 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, 2018, amounted to $29,400. ALLNATION LEGAL SERVICES Balance Sheet t January 31, 2018 Assets Liabilities & Owners' Equity Cash $ 20,000 Liabilities: Notes payable 80,000 Accounts payable Total liabilities Accounts receivable Land 25,600 Building Equipment 15,000 Owners'equity: Capital Stock Retained carnings Total liabilities and Total assets owners' equity S355.000 Correct computations: ALL NATION LEGAL SERVICES Balance Sheet January 31, 20_ Assets Liabilities & Owners' Equity S 20,000 Liabilities: 140.000 Notes payable 80,000 Accounts payable Cash S 150,000 25,600 S175,600 Accounts receivable Land Building Equipment 100,000 Total liabilities 15,000 Owners' equity: Capital Stock Retained carnings S150,000 29.400 S179.400 Total liabilities and Total assets S355.000 owners' equity $355.000 Computations: Total assets must be equal to total liabilities & owners' equity of $355,000. b a $180,000 (cost of land and building) less S80,000 for land = $100,000 for building. (Appraised value of property ignored.) Accounts receivable must be S140,000 to achieve total assets of $355,000. $120,000 (capital stock at January 1) plus $30,000 (additional investment). Total liabilities must be $175,600 to achieve total liabilities & owners' equity of $355,000. Notes payable must be $150,000 to achieve total liabilities of $175,600. d e f Pool 3 1) Complete the January 31, 2018 balance sheet of All Nation Legal Services using the following information. (1) Stockholders' equity at January 1, 2018, 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, 2018, 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, 2018, amounted to $29,400. ALLNATION LEGAL SERVICES Balance Sheet t January 31, 2018 Assets Liabilities & Owners' Equity Cash $ 20,000 Liabilities: Notes payable 80,000 Accounts payable Total liabilities Accounts receivable Land 25,600 Building Equipment 15,000 Owners'equity: Capital Stock Retained carnings Total liabilities and Total assets owners' equity S355.000 Correct computations: ALL NATION LEGAL SERVICES Balance Sheet January 31, 20_ Assets Liabilities & Owners' Equity S 20,000 Liabilities: 140.000 Notes payable 80,000 Accounts payable Cash S 150,000 25,600 S175,600 Accounts receivable Land Building Equipment 100,000 Total liabilities 15,000 Owners' equity: Capital Stock Retained carnings S150,000 29.400 S179.400 Total liabilities and Total assets S355.000 owners' equity $355.000 Computations: Total assets must be equal to total liabilities & owners' equity of $355,000. b a $180,000 (cost of land and building) less S80,000 for land = $100,000 for building. (Appraised value of property ignored.) Accounts receivable must be S140,000 to achieve total assets of $355,000. $120,000 (capital stock at January 1) plus $30,000 (additional investment). Total liabilities must be $175,600 to achieve total liabilities & owners' equity of $355,000. Notes payable must be $150,000 to achieve total liabilities of $175,600. d e f

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Balance sheet of All Nation legal services Workings i Total Cost of land and building18000... View the full answer