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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
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 | $11,440 |
Accounts Receivable | 27,570 |
Accumulated Depreciation - Equipment | 34,430 |
Cash | ? |
Common Stock | 180,000 |
Equipment | 99,530 |
Land | 133,000 |
Prepaid Insurance | 6,410 |
Prepaid Rent | 4,000 |
Retained Earnings | 49,490 |
Salaries Payable | 4,460 |
Supplies | 690 |
Unearned Fees | 3,320 |
Prepare a classified balance sheet that includes the correct balance for Cash.
Line Item Description | Amount | Amount | Amount |
---|---|---|---|
Assets | |||
Current assets: | |||
Accounts payableCashCommon stockEquipmentUnearned fees | $- Select - | ||
Accounts payableAccounts receivableCommon stockEquipmentSalaries payable | - Select - | ||
Accounts payableAccumulated depreciation - equipmentCommon stockLandSupplies | - Select - | ||
Accumulated depreciation - equipmentCommon stockEquipmentPrepaid insuranceUnearned fees | - Select - | ||
Accounts payableLandPrepaid rentSalaries payableUnearned fees | - Select - | ||
Total current assets | $Total current assets | ||
Property, plant, and equipment: | |||
Accounts receivableAccumulated depreciation - equipmentCommon stockLandSupplies | $- Select - | ||
Accounts receivableAccumulated depreciation - EquipmentEquipmentPrepaid rentSupplies | $- Select - | ||
Accounts payableAccumulated amortizationAccumulated depreciation - equipmentEquipmentUnearned fees | - Select - | ||
Accounts receivableAccumulated depreciation - equipmentBook value - equipmentPrepaid rentSupplies | - Select - | ||
Total property, plant, and equipment | Total property, plant, and equipment | ||
Total assets | $Total assets | ||
Liabilities | |||
Current liabilities: | |||
Accounts payableAccounts receivableCashCommon stockSupplies | $- Select - | ||
EquipmentPrepaid insurancePrepaid rentSalaries payableSalary expense | - Select - | ||
Accounts receivableCashLandSuppliesUnearned fees | - Select - | ||
Total liabilities | $Total liabilities | ||
Stockholders' Equity | |||
Accumulated depreciation - equipmentCommon stockEquipmentPrepaid insuranceUnearned fees | $- Select - | ||
Accumulated depreciation - equipmentEquipmentPrepaid insuranceRetained earningsUnearned fees | - Select - | ||
Total stockholders' equity | Total stockholders' equity | ||
Total liabilities and stockholders' equity | $Total liabilities and stockholders' equity |
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