My-Best Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been
Question:
My-Best Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2012, the end of the current fiscal year, the balances of selected accounts from the ledger of My-Best Weight Co. are as follows:
Accounts Payable ...................$ 34,500
Accounts Receivable .................. 83,120
Accumulated Depreciation—Equipment ........ 103,900
Blanca Tierney, Capital ................ 692,000
Cash ......................?
Equipment ..................... 300,000
Land ........................ $400,000
Prepaid Insurance ................... 19,200
Prepaid Rent ................... 12,000
Salaries Payable .................. 13,500
Supplies ..................... 2,080
Unearned Fees ................... 10,000
Prepare a classified balance sheet that includes the correct balance for Cash.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Current assets Cash Accounts receivable Supplies Prepaid ins...View the full answer
