Preparation of Balance Sheet After a Series of Transactions
the

Preparation of balance sheet after a series of transactions
The balance sheet was as follows for Custom Ceramics on February 1, 2010:
$\begin{array}{c}\text {Custom Ceramics}\\\text { Balance Sheet }\\\text {February 1, 2010}\\\begin{array}{|l|r|l|l|r|r|}\hline \text { Assets } & & & \text { Liabilities \& Shareholder's' Equity } \\\hline \text { Land } & 80,000 & & \text { Liabilities: } & & \\\hline \text { Buildings } & 50,000 & & \text { Notes payable } & & \$ 40,000 \\\hline \text { Office Equipment } & 30,000 & & \text { Accounts payable } & & \underline{6,000} \\\hline \text { Accounts receivable } & 5,200 & & \text { Total liabilities } & & 46,000 \\\hline \text { Cash } & \$ 7,000 & & \text { Shareholders' equity } & & \\\hline & & & \text { Share capital } & \$ 100,000 & \\\hline & & & \text { Retained earnings } & 26,200 & \$ 126,200 \\\hline & & & \text { Total liabilities } & & \\\hline \text { Total assets } & \$ 172,200 & & \text { Shareholders' equity } & & \$ 172,200 \\\hline \end{array}\end{array}$
During the first week of February, the following transactions occurred:
* The business used cash to pay off $5,000 of its accounts payable. (No payment was made on the notes payable.)
* Additional share capital was issued to Joan Custom for $15,000 cash.
* Equipment was purchased on credit for $1,800
* The business collected $4,000 cash from accounts receivable.
Complete the balance sheet for Custom Ceramics as of February 8, 2010.
$\begin{array}{c}\text {Custom Ceramics }\\\text {Balance Sheet }\\\text {February 8,2010}\\\begin{array}{|l|l|l|l|l|l|}\hline\text { Assets } &\quad\quad &\quad\quad & \text { Liabilities \& Shareholders' Equity } \\\hline \text { Land } & & & \text { Liabilities: } & \quad\quad&\quad\quad \\\hline \text { Buildings } & & & \text { Notes payable } & & \$ \\\hline \text { Office Equipment } & & & \text { Accounts payable } & & \\\hline \text { Accounts receivable } & & & \text { Total liabilities } & & \$ \\\hline \text { Cash } & & & \text { Shareholder's' equity } & & \\\hline& & & \text { Share capital } & & \\\hline & & & \text {Retained earnings}& & \$ \\\hline & & & \text {Total liabilities} & & \\\hline \text { Total assets} & \$ & & \text {Shareholder's' equity} & & \$ \\\hline \end{array}\end{array}$