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Required information E1-5 (Algo) Completing a Balance Sheet and Inferring Net Income L01-1 [The following information applies to the questions displayed below.] Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $70,600 cash to start the business and received 4,000 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank, $69,950; December 31, current year, amounts due from customers from sales of books, $42,000; unused portion of store and office equipment, $75,000; December 31, current year, amounts owed to publishers for books purchased, $12,200; one-year note payable to a local bank for $3,900. No dividends were declared or paid to the stockholders during the year. E1-5 Part 1 Required: 1. Complete the following balance sheet as of the end of current year. Some information has been given below. Cash Accounts receivable Store and office equipment Assets COLE VALLEY BOOK STORE Balance Sheet Accounts payable Note payable Liabilities Interest payable 170 Total liabilities $ 170 Stockholders' Equity Common stock Retained earnings 29,480 Total stockholders' equity $ 29,480 Total assets $ 0 Total liabilities and stockholders' equity $ 29,650

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