Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2016, the end

Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2016, the end of the fiscal year, the balances of selected accounts from the ledger of Optimum Weight Loss Co. are as follows:

Accounts Payable $37,700

Accounts Receivable 116,750

Accumulated Depreciation-Equipment 186,400

Cash ?

Common Stock 75,000

Equipment 474,150

Land 300,000

Prepaid Insurance 7,200

Prepaid Rent 21,000

Retained Earnings 635,300

Salaries Payable 9,000

Supplies 4,800

Unearned Fees 18,000

Prepare a classified balance sheet that includes the correct balance for Cash. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.image text in transcribed

pare disisfied balance ieNetthat ge dudes the correa balance for Cash-Fixed asse s must be entired in order accordingaceanteumber. Be sure compese the aasanNnt heading. ue the hie of ldibeta and Amount Deservpaces for she corred wording of aint dimes hie account names You not need Opanan weight uses co. Noveebaz 30, 2016 ICaart a 4-1 S4plies 4,800.00 | Pispaid learao | Papid rent 10( Land $300,000.00 111 Equipmanr $474,150.00 Loss acursulated dapsclatias agaiprart uabanes e/ Cuiant lablis Accaunts Payable $37,700.00 18,000.00 Stockholders' Equity ul Carman stack $75,000.00 | Ratarec earnings Taullaimes and tuckholders' equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Dynamic Data Sharing For Public Data Integrity Auditing In The Cloud

Authors: B Gunalan

1st Edition

050911878X, 978-0509118789

More Books

Students also viewed these Accounting questions

Question

What is the general valuation model?

Answered: 1 week ago