Required information The following account balances were dra

Required information The following account balances were drawn from the 2011 financial statements of Gwynn Company Cash $2,400 Supplies A/R Land $605 3,290 6,300 3,280 1,800 Common Stock 1,300 Retained earnings Revenues -Expenses Based on the above information, what is the balance of Common Stock for Gwynn Company?

Solution

Liabilities Assets Common Stock 2815 Cash 2400 Reatined Earnnings (6105-2815) 3290 A/r 1800 Land 1300 Supplies 605 Total 6105 Total 6105