Question

Instructions Balance Sheet Labels and Amounts Descriptions Labels Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2018, the end of the fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows: Prepare a classified balance sheet that includes the correct balance for Cash. Land must be entered as the first fixed asset. Be sure to complete the statement heading Be sure to complete the statement heading Refer to the instructions and the list of Labels and Amount Descriptions for the exact wording of text entries. Negative amounts should be indicated by a minus sign. You will not need to enter colons() or the word "Less on the balance sheet, they will automatically insert where necessary $37.000 Accounts payable Accounts receivable Accumulated Dynamic Weight Loss Co. Balance Sheet 117.500 187,200 (Label) depreciation- 1 Current assets Current liabilities Expenses For the Year Ended June 30, 2018 June 30, 2018 Property, plant, and equipment Revenues Amounts Descriptions Book value-equipment Decrease in retained earnings Increase in retained earnings Less dividends Net income Net loss Plus dividends Retained earnings. December 1, 2015 Retained earnings, June 30, 2018 Total assets Total current assets equipment Cash 2 Label) 3 Common stock Equipment Land ? 75,000 474,150 5 7 Prepaid insurance Prepaid rent Retained earnings Salaries payable Supplies Unearned fees 300,000 6,400 24,000 636,200 8,800 4,800 17,600 9 Label Total expenses Total liabilities Total liabilities and stockholders' equity Total property, plant, and equipment Total stockholders' equity 3 Prepare a classified balance sheet that includes the correct balance for Cash Land must be entered as the first fixed asset. Be sure to complete the statement heading. Be sure to complete the statement heading. Refer to the Instructions and the list of Labels and Amount Descriptions for the exact wording of text entries Negative amounts should be indicated by a minus sign. You will not need to enter colons (:) or the Liabilities 17 Label) 20 21 22 Stockholders' Equity 24 25 26

Answer 1

Requirement Balance Sheet Dynamic Weight Loss Co. Balance Sheet June 30, 2018 $ Assets Particulars $ $ $ $ Current Assets - Cash - Accounts Receivables - Prepaid Insurance - Prepaid Rent - Supplies Total Current Assets 34,750 117,500 6,400 24,000 4,800 $ 187,450 $ 300,000 Property, Plant and Equipment - Land - Equipment - Less : Accumulated Depreciation - Book Value, Equipment Total Property, Plant and Equipment Total Assets $ $ $ 474,150 (187,200 $ 286,950 $ $ 586,950 774,400 Liabilities Current Liabilities : - Accounts Payables - Salaries Payables - Unearned Fees Total Liabilities $ $ 37,000 8,600 17,600 $ 63,200 - Common Stock - Retained Earnings Total Stockholders' Equity Stockholders' Equity $ $ 75,000 636,200 $ 711,200 Total Liabilities and Stockholders' Equity $ 774,400