Balance Sheet Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2019, the end of the fiscal year, the balances of selected accounts from the ledger of Optimum Weight Loss Co. are as follows: Accounts Payable $8,710 Accounts Receivable 20,990 Accumulated Depreciation - Equipment 26,220 Cash ? Equipment 75,780 Land 101,000 Prepaid Insurance 4,880 Prepaid Rent 3,050 Salaries Payable 3,400 Cheryl Viers, Capital 174,720 Supplies 520 Unearned Fees 2,530 Prepare a classified balance sheet that includes the correct balance for Cash. Optimum Weight Co. Balance Sheet November 30, 2019 Assets Current assets: Cash $ Accounts receivable Supplies Prepaid insurance Prepaid rent Total current assets $ Property, plant, and equipment: Land $ Equipment $ Less accumulated depreciation 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 $
Balance Sheet Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2019, the end of the fiscal year, the balances of selected accounts from the ledger of Optimum Weight Loss Co. are as follows: Accounts Payable $8,710 Accounts Receivable 20,990 Accumulated Depreciation - Equipment 26,220 Cash ? Equipment 75,780 Land 101,000 Prepaid Insurance 4,880 Prepaid Rent 3,050 Salaries Payable 3,400 Cheryl Viers, Capital 174,720 Supplies 520 Unearned Fees 2,530 Prepare a classified balance sheet that includes the correct balance for Cash. Optimum Weight Co. Balance Sheet November 30, 2019 Assets Current assets: Cash $ Accounts receivable Supplies Prepaid insurance Prepaid rent Total current assets $ Property, plant, and equipment: Land $ Equipment $ Less accumulated depreciation 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 $
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 11E: Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the...
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Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2019, the end of the fiscal year, the balances of selected accounts from the ledger of Optimum Weight Loss Co. are as follows:
Accounts Payable | $8,710 |
20,990 | |
Accumulated |
26,220 |
Cash | ? |
Equipment | 75,780 |
Land | 101,000 |
Prepaid Insurance | 4,880 |
Prepaid Rent | 3,050 |
Salaries Payable | 3,400 |
Cheryl Viers, Capital | 174,720 |
Supplies | 520 |
Unearned Fees | 2,530 |
Prepare a classified balance sheet that includes the correct balance for Cash.
Optimum Weight Co. | |||
Balance Sheet | |||
November 30, 2019 | |||
Assets | |||
Current assets: | |||
Cash | $ | ||
Accounts receivable | |||
Supplies | |||
Prepaid insurance | |||
Prepaid rent | |||
Total current assets | $ | ||
Property, plant, and equipment: | |||
Land | $ | ||
Equipment | $ | ||
Less accumulated depreciation | |||
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 | $ |
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