DEAR CHEGG. I REALLY NEED THE ANSWER TO QUESTION 2 AND 3 TO THIS EXERCISE PLEASE HELP MEE

• You are required to do a report. This is an individual task

• The assignment consists of a case study which is attached

BACKGROUND:Legally Legal is a legal services company. They are a small start up and would need some assistance with their financial statements. You have been recruited as a consultant by the CEO to help out.

QUESTION 1: List and properly explain to the CEO of Legally Legal which three financial statements will to communicate financial accounting information to interested external parties.

QUESTION 2

2.1. Complete the January 31, 2020, balance sheet of Legally Legal using the following information.

2.2. Show your computations 2.2. Show your computations

2.3. Report on what stood out for you by analysing the Balance sheet. Information:

• Stockholders equity at January 1, 2020, included capital stock of $140,000.

• The land and building were purchased by the business for a total price of $200,000 on January 25, 2020,

• On January 31, an appraiser valued the property at $260,000.

• Additional capital stock was issued in exchange for $50,000 cash.

• Retained earnings at January 31, 2020, amounted to $49,400.

	balance sheet/		legally legal service			/january 31,2020
	assets				liabilities and owners equity
				liabilities:
cash	$ 90,000			note payable	?	?
account receivable		?		account payable		45,600
land	135,000			total liabilities		?
building	?
equipments	35,000			owners equity:
				capital stock		?
				retained earnings		?
total assets				total liabilities and owners equity			$375,000

QUESTION 3: 3.1. Enter the following transactions in the two-column journal provided for Legally Legal. 3.2. Explain your findings from the journal entry (What stands out, what is interesting about an entry etc.)

info

march 2 Purchased cleaning supplies from Robert Suppliers for $750 on account. march 4 Collected an account receivable of $525 from a customer, Elegant Kitchens. march5 Paid $275 in partial payment of an account payable to Lucy Co for equipment purchased in February. March7 Issued capital stock in exchange for $5,600 cash. March8 Purchased office equipment from Diamonds Warehouse for $3,700; paid $1,700 cash and issued a note payable due in 90 days for the balance.

	date		general journey of leganlly legal
	2020
	Mar.02
	4
	5
	7
	9