Prepare a classified balance sheet that includes the correct balance for cash.
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Optimum Weight Loss 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 are as follows. Prepare a classified balance sheet that includes the correct balance for cash.
| accounts payable | 37,700 | prepaid insurance | 7,200 | ||
|---|---|---|---|---|---|
| 116,750 | prepaid rent | 21,000 | |||
| 186,400 | salaries payable | 9,000 | |||
| cash | ? | Cheryl Viers, capital | 710,300 | ||
| Equipment | 474,150 | Supplies | 4,800 | ||
| Land | 300,000 | Unearned fees | 18,000 | ||
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- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
- Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.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. As follows: Accounts payable $37,200 Accounts receivable 118,550 Accumulated Depreciation - Equipment 187,000 Cash ? Equipment 477,200 Land 300,000 Prepaid insurance 6,200 Prepaid Rent 21,900 Salaries payable 9,300 Cheryl Viers , Capital 714,600 Supplies 4,500 Unearned fees 17,300 Prepare a classified balance sheet that includes the correct balance for cash. Fixed assets must be entered In order to according to account number. Be sure to complete the statement heading.
- 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: $ Total current assets $ Property, plant, and equipment: $ $ Total property, plant, and equipment Total assets $ Liabilities Current…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…**** I want to know in what im wrong and what im missing, Thank you**** Balance Sheet Easy Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y7, the end of the fiscal year, the balances of selected accounts from the ledger of Easy Weight Loss are as follows: Line Item Description Amount Accounts Payable $10,160 Accounts Receivable 24,490 Accumulated Depreciation - Equipment 30,580 Cash ? Common Stock 180,000 Equipment 88,390 Land 118,000 Prepaid Insurance 5,690 Prepaid Rent 3,560 Retained Earnings 23,810 Salaries Payable 3,960 Supplies 610 Unearned Fees 2,950
- Balance sheet Optimum Weight Loss Co. offers personal weight reduction consultingservices to individuals. After all the accounts have been closed on November 30, 2019, the end of the fiscal year, the balances of selectedaccounts from the ledger of Optimum Weight Loss Co. are as follows: Prepare a classified balance sheet that includes the correct balance forCashMaxFit Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y4, the end of the fiscal year, the balances of selected accounts from the ledger of MaxFit Weight Loss Co. are as follows: Accounts Payable $ 44,800 Accounts Receivable 138,600 Accumulated Depreciation 221,300 Cash ? Equipment 563,000 Land 356,200 Prepaid Insurance 8,500 Prepaid Rent 24,900 Salaries Payable 10,700 Supplies 5,700 Unearned Fees 21,400 Vanessa Freeman, Capital 843,400 Prepare a classified balance sheet that includes the correct balance for Cash. Maxfit Weight Loss Co.November 30, 20Y4 Assets Current assets: $Cash Accounts receivable Supplies Prepaid insurance Prepaid rent Total current assets $fill in the blank 11 Property, plant, and equipment: $Land $Equipment Less accumulated depreciation…MaxFit Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y4, the end of the fiscal year, the balances of selected accounts from the ledger of MaxFit Weight Loss Co. are as follows: Accounts Payable $ 44,800 Accounts Receivable 138,600 Accumulated Depreciation 221,300 Cash ? Equipment 563,000 Land 356,200 Prepaid Insurance 8,500 Prepaid Rent 24,900 Salaries Payable 10,700 Supplies 5,700 Unearned Fees 21,400 Vanessa Freeman, Capital 843,400 Prepare a classified balance sheet that includes the correct balance for Cash. Maxfit Weight Loss Co. Balance Sheet November 30, 20Y4 Assets Current assets: $fill in the blank 2 fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10 Total current assets $fill in the blank 11 Property, plant, and equipment: $fill in the blank 13…
