Question
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.
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