Question

Balance Sheet Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all...

  1. Balance Sheet

Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 20Y7, the end of the The annual accounting period adopted by a business.fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows:

Accounts Payable

$9,140

Accounts Receivable

22,030

Accumulated Depreciation - Equipment

27,510

Common Stock

180,000

Cash

?

Equipment

79,520

Land

106,000

Prepaid Insurance

5,120

Prepaid Rent

3,200

Retained Earnings

3,350

Salaries Payable

3,560

Supplies

550

Unearned Fees

2,650

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

Homework Answers

Answer #1

Dynamic Weight Loss Co.

Balance Sheet

Assets
Current assets:
Cash ($40,690-22,030-550-5,120-3,200) $9,790
Accounts receivable 22,030
Supplies 550
Prepaid insurance 5,120
Prepaid rent 3,200
Total current assets ($198,700-158,010) 40,690
Property, plant and equipment:
Land 106,000
Equipment 79,520
Less: Accumulated depreciation (27,510)
Total property, plant and equipment 158,010
Total assets 198,700
Liabilities and stockholder's equity
Liabilities:
Accounts payable 9,140
Salaries payable 3,560
Unearned fees 2,650
Total current liabilities 15,350
Stockholder's equity
Common stock 180,000
Retained earnings 3,350
Total stockholder's equity 183,350
Total liabilities and stockholder's equity $198,700
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