Question

please answer all the questions!!!

/RUSSIyenu Ry mg a Web-Assist G Gmail Google Translate De Anza College - T C S Major Informatii.. eBook Show Me How Calculator Balance Sheet Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals Weight Loss Co. are as follows: Accounts Payable Accounts Receivable $10,930 26,340 32,900 Accumulated Depreciation - Equipment Cash Equipment 95,090 Land 127,000 Prepaid Insurance 6,120 Prepaid Rent 3,830 Salaries Payable 4,260 Cheryl Viers, Capital Supplies 219,260 660 3,170 Unearned Fees Prepare a classified balance sheet that includes the correct balance for Cash. Optimum Weight Co. Balance Sheet November 30, 2019 Assets Current assets: Cash Equipment Supplies Equipment Land Totalrent assets

Answer 1

Question 1.

solution:

11,480 26,340 660 6,120 3,830 $ 48,430 $ 127,000 Optimum Weight Co. Balance sheet 30-Nov-19 Assets Current assets: Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Total current assets Property, plant, and equipment: Land Equipment $ 95,090 Accumulated depreciation Equipment (32,900) Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts Payable Salaries payable Unearned Fees Total liabilities Owner's Equity Cheryl Viers, Capital Total liabilities and owner's equity 62,190 189,190 237,620 $ 10,930 4,260 3,170 $ 18,360 219,260 237,620 $

Question: 2.

Solution:

a.	Teresa Schafer, Capital	$28,300
	Teresa Schafer, Drawings		$28,300

b. Teresa capital at the end of the year = Beg. Cap. bal. + Net income - Drawings

   = $338,000 + ($291,900- 217,800) - 28,300 = $383,800