Answered

Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2019, the end of the fiscal year, the balances of selected accounts from the ledger of Optimum Weight Loss Co. are as follows:

Accounts Payable $37,700
Accounts Receivable 116,750
Accumulated Depreciation - Equipment 186,400
Cash ?
Equipment 474,150
Land 300,000
Prepaid Insurance 7,200
Prepaid Rent 21,000
Salaries Payable 9,000
Cheryl Viers, Capital 710,300
Supplies 4,800
Unearned Fees 18,000

Required:
Prepare a classified balance sheet that includes the correct balance for Cash.

Answer :

jepessoa

Answer:

Assets

Current assets

Cash $37,500

Accounts Receivable $116,750

Prepaid Insurance $7,200

Prepaid Rent $21,000

Supplies $4,800

Total current assets                                                $187,250

Non-current assets

Equipment $474,150

Accumulated Depreciation - Equip. $186,400

Land $300,000

Total non-current assets                                         $587,750

Total assets                                                                                $775,000

Liabilities

Accounts Payable $37,700

Salaries Payable $9,000

Unearned Fees $18,000

Total liabilities                                                          $64,700

Equity

Cheryl Viers, Capital $710,300

Total equity                                                             $710,300

Total liabilities + equity                                                           $775,000

Other Questions