Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have
Question:
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 fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows:
Accounts payable | $38,000 |
Accounts receivable | 117,250 |
Accumulated depreciation-equipment | 186,800 |
Cash | ? |
Common stock | 75,000 |
Equipment | 477,000 |
Land | 300,000 |
Prepaid insurance | 8,000 |
Prepaid rent | 24,600 |
Retained earnings | 635,900 |
Salaries payable | 8,400 |
Supplies | 5,000 |
Unearned fees | 17,800 |
Prepare a classified balance sheet that includes the correct balance for Cash. Land must be entered as the first fixed asset. Be sure to complete the statement heading. Refer to the Instructions and the list of Labels and Amount Descriptions for the exact wording of text entries. Negative amounts should be indicated by a minus sign. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.
Labels | |
Current assets | |
Current liabilities | |
For the Year Ended June 30, 20Y7 | |
June 30, 20Y7 | |
Property, plant, and equipment | |
Amounts Descriptions | |
Book value-equipment | |
Net income | |
Net loss | |
Total assets | |
Total current assets | |
Total expenses | |
Total liabilities | |
Total liabilities and stockholders’ equity | |
Total property, plant, and equipment | |
Total stockholders’ equity |
Prepare a classified balance sheet that includes the correct balance for Cash. Land must be entered as the first fixed asset. Be sure to complete the statement heading. Refer to the Instructions and the list of Labels and Amount Descriptions for the exact wording of text entries. Negative amounts should be indicated by a minus sign. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.
Dynamic Weight Loss Co. |
Balance Sheet |
1 | Assets | |||
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5 | ||||
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7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
12 | ||||
13 | ||||
14 | ||||
15 | ||||
16 | Liabilities | |||
17 | ||||
18 | ||||
19 | ||||
20 | ||||
21 | ||||
22 | Stockholders’ Equity | |||
23 | ||||
24 | ||||
25 | ||||
26 |
Corporate Financial Accounting
ISBN: 9781337398169
15th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac