Question

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 $37,500 Accounts Receivable 117,050 Accumulated Depreciation-Equipment 187,600 Cash ? Equipment 477,750 Land 300,000 Prepaid Insurance 6,700 Prepaid Rent 23,400 Salaries Payable 8,200 Cheryl Viers, Capital 712,000 Supplies 4,700 Unearned Fees 18,200 Prepare a classified balance sheet that includes the correct balance for Cash. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Answer 1

Optimum Weight Loss Co. Balance sheet as on November 30, 2019
Asset
cash	33900
Accounts Receivable	117050
supplies	4700
Prepaid Insurance	6700
Prepaid Rent	23400
Total current asset [775900-590150]		185750
non current asset
Land	300000
equipment	477750
less:Accumulated Depreciation-Equipment	(187600)
Total non current asset		590150
Total asset		775900
Liabilities and equity
Accounts payable	37500
salaries payable	8200
Unearned Fees	18200
Total current liabilities /Total liabilities		63900
Cheryl Viers, Capital		712000
Total liabilities and equity		775900

Total asset =Total liabilities +equity = 775900

Total current asset =total asset -total non current asset