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Classified balance sheet Pounds-Away Services Co. offers personal weight reduction consulting services to individuals. On November 30, 20Y9, the balances of selected accounts of Pounds-Away Services Co. are as follows: Prepare a classified balance sheet that includes the correct balance for Cash.

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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883

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BuyFindarrow_forward

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
Publisher: Cengage Learning
ISBN: 9781305961883
Chapter 3, Problem 3.28E
Textbook Problem
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Classified balance sheet
Pounds-Away Services Co. offers personal weight reduction consulting services to individuals. On November 30, 20Y9, the balances of selected accounts of Pounds-Away Services Co. are as follows:

Chapter 3, Problem 3.28E, Classified balance sheet Pounds-Away Services Co. offers personal weight reduction consulting
Prepare a classified balance sheet that includes the correct balance for Cash.

To determine

Concept Introduction:

The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities..

To Prepare:

A Classified balance sheet

Explanation of Solution

The Balance sheet is a summary of Assets, Liabilities and equity accounts that reports the financial position of the business as on a specific date. Assets are further classifies into Current Assets, Long Term Investments, Plant Assets and Intangible assets. And Liabilities are further classified into Current Liabilities and Long term liabilities.A Classified balance sheet is prepared as follows:

    Pounds-Away Services Co.
    Classified Balance Sheet
    As on Nov. 30, 20Y9
    ASSETS
    Current Assets:
    Cash (315000-129000-28800-21600-48000) $ 87,600
    Accounts Receivable $ 129,000
    Prepaid Insurance $ 28,800
    Prepaid Rent $ 21,600
    Supplies $ 48,000
    Total Current Assets (1185000-870000)$ 315,000
    Property Plant and Equipment:
    Equipment $ 990,000
    Less: Accumulated Depreciation-Equipment $(120,000) $ 870,000
    Total Prope...

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Chapter 3 Solutions

Survey of Accounting (Accounting I)
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