Question: I need help completing a balance sheet. I've completed majority of it. But I cannot figure out the missing value that I have boxed out
I need help completing a balance sheet. I've completed majority of it. But I cannot figure out the missing value that I have boxed out in RED.
Question:
Prepare a classified balance sheet that includes the correct balance for Cash.
Easy Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y7, the end of the fiscal year, the balances of selected accounts from the ledger of Easy Weight Loss are as follows:
| Line Item Description | Amount |
|---|---|
| Accounts Payable | $41,200 |
| Accounts Receivable | 130,550 |
| Accumulated Depreciation - Equipment | 45,000 |
| Cash | ? |
| Common Stock | 90,000 |
| Equipment | 230,000 |
| Land | 320,000 |
| Prepaid Insurance | 7,500 |
| Prepaid Rent | 4,800 |
| Retained Earnings | 601,500 |
| Salaries Payable | 3,800 |
| Supplies | 9,150 |
| Unearned Fees | 13,500 |
My balance sheet I'm having difficulties completing:


Easy Weight Loss Co. Balance Sheet November 30, 20Y7 Line Item Description Amount Amount Amount Assets Current assets: Property, plant, and equipment: Land Equipment $230,000 Accumulated depreciation - equipment 45,000 Book value - equipment Total property, plant, and equipment Total assets Property, plant, and equipment: Liabilities Current liabilities: \begin{tabular}{lrr} Accounts payable & & $41,200 \\ \hline Salaries payable & & 3,800 \\ \hline Unearned fees & & 13,500 \\ \hline \end{tabular} Total liabilities Stockholders' Equity \begin{tabular}{l} Common stock \\ Retained earnings \\ \hline \end{tabular} Total stockholders' equity Total liabilities and stockholders' equity $750,000691,500
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