Question

Some updates could not be installed automatically eBook Show Me How Calculator 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 edge of Dynamic Weight Loss are as follows: $11,150 26,870 33.560 180,000 2 97,000 Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Common Stock Cash Foment Land Prepaid Insurance Prepaid Rent Retained Earnings Salaries Payable Supplies Unearned Fees 129,000 6,240 3.900 43,670 4,350 670 3,230 Prepare a classified balance sheet that includes the correct balance for Cash Dynamic Weight Loss Co. Balance Sheet Previous Next > Check My Work Subm Assignment for Grading I ty MacBook Air 2 Flo 2 80 FO 999 FE FS F6 A * $ 4 % 5 & 7 9 8 0 6 R T 0 Р Y U T к

Answer 1

Solution: Dynamic Weight Loss Co Balance sheet Assets Amount in $ Amount in $ Amount in $ Particulars Current assets Cash Account receivables Supplies Prepaid insurance Prepaid rent Total current assets $ 12,280 $ 26,870 $ 670 $6,240 $3,900 $ 49,960 $ 1,29,000 Property, plant and equipment Land Equipments Less: Accumulated depreciation Total property, plant, equipment Total assets $ 97,000 ($ 33,560) $ 63,440 $ 1,92,440 $ 2,42,400

Liabilities Current Liabilities Accounts payable Salaries payable Unearned fees Total liabilities $11,150 $ 4,350 $3,230 $ 18,730 Stockholders Equity $ 1,80,000 $43,670 Common stock Retained earnings Total stock holders equity Total liabilities and Shareholders equity $ 2,23,670 $ 2,42,400

In the above computation cash is the balancing figure. The amount required to balance both the sides of balance sheet is taken as Cash amount.

Cash = $ 2,42,400 – $ 2,30,120 ( [ $ 1,92,440 + $ 37,680] is the total assets before cash amount )

Cash = $ 12,280

Thankyou !!!!