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3. Complete the January 31, 2021, Statement of Financial Position of Countrywide Legal Services using the following information. (2) (1) Shareholders' equity at January 1,
3. Complete the January 31, 2021, Statement of Financial Position of Countrywide Legal Services using the following information. (2) (1) Shareholders' equity at January 1, 2021, included share capital of $140,000. The land and building were purchased by the business for a total price of $200,000 on January 25, 2021, from a company forced out of business. (3) Additional capital stock was issued in exchange for $50,000 cash. (4) Retained earnings at January 31, 2021, amounted to $49,400. Fill the Statement of Financial Position of Countrywide Legal Services in the table below. Also write down your computation process for finding building, accounts receivable, notes payable, total liabilities, share capital and retained earnings. COUNTRYWIDE LEGAL SERVICES Statement of Financial Position January 31, 2021 Assets Liabilities & Owners' Equity Land $135,000 Liabilities: Building Notes payable Equipment $35,000 Accounts payable 545,600 Accounts Total liabilities receivable Cash $90,000 Equity: Share Capital Retained earnings Total liabilities and equity $375.000 $ Total assets
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