Question

Balance Sheet Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2017, the end of the fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows: Accounts Payable $51,200 Accounts Receivable 187,500 Accumulated Depreciation - Equipment 186,000 Cash ? Common Stock 100,000 Equipment 325,900 Land 375,000 Prepaid Insurance 8,400 6,000 620,300 Prepaid Rent Retained Earnings Salaries Payable Supplies Unearned Fees 7,500 11,200 21,000 Prepare a classified balance sheet that includes the correct balance for Cash. Dynamic Weight Loss Co. Balance Sheet June 30, 2017

Answer 1

Dynamic Weight Loss Co Balance Sheet June 30, 2017 6,000 O Assets Current Assets: Cash 72.000 Account Receivable 1,87,502 Supplies 11,200 Prepaid Insurance 8,400 Prepaid Rent Total Current Assets 2,85,100 Property, Pants and Equipement: Equipement 3,25,900 Less & Acc. Depreciation 780,000 1,39,900 Land 375,000 Total 514,900 Reoperty and Equipement Total Assets $8,00,000 triabilnties Current Liabilities : Accounts Payable 52200 Salasies Payable 7,500 Unearned fees 21,00 Total Liabilities 79.700 Stockholders Equity Common Stock 2,09,00 Retained Earnings 6,20,300 Total Stockholdess Equity 720,30 Total Liabilities and stockholdess Equity $8,00, OD ss' Equity

Explanation 0 Given Unearned fees Acumulated Depreciation Equipement Ser it should be deducted from the value of Equipments. It means the fee received but not yet earned hence it is still Obligation to fully fulfill and cm will shown under Kiabilities. 3 Cash For Computing Cash Amount: Less : Total Total Habilities & Stockholder's Guity Property & Equipements Petal Current Assests (Except Cash) 8,60,080 5,14,900 285,100 2,13,100 $ 72,00 Less: Cash