Question

Balance Sheet

Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 20Y7, the end of the fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows:
Accounts Payable $10,830
Accounts Receivable 26,100
Accumulated Depreciation - Equipment 32,600
Common Stock 180,000
Cash ?
Common Stock 100,000
Equipment 325,900
Land 375,000
Prepaid Insurance 8,400
Prepaid Rent 6,000
Retained Earnings 620,300
Salaries Payable 7,500
Supplies 11,200
Unearned Fees 21,000
Prepare a classified balance sheet that includes the correct balance for Cash.

Answer 1

Dynamic Weight Loss Co.

DYNAMIC WEIGHT LOSS CO.

Classified Balance Sheet as of June 30, 20Y7

Assets

Current Assets:

Cash $119,630

Accounts Receivable 26,100

Prepaid Insurance 8,400

Prepaid Rent 6,000

Supplies 11,200

Total current assets $171,330

Long-term Assets:

Land 375,000

Equipment 325,900

Accumulated Depreciation (32,600) 293,300

Total long-term assets $668,300

Total assets $839,630

Liabilities and Equity

Current Liabilities:

Accounts Payable $10,830

Salaries Payable 7,500

Unearned Fees 21,000

Total current liabilities $39,330

Equity:

Common Stock 180,000

Retained Earnings 620,300

Total equity $800,300

Total liabilities and equity $839,630

Step-by-step explanation:

a) Data and Calculations:

Trial Balance as of June 30, 20Y7

Account Titles Debit Credit

Cash $119,630

Accounts Receivable 26,100

Prepaid Insurance 8,400

Prepaid Rent 6,000

Supplies 11,200

Land 375,000

Equipment 325,900

Accumulated Depreciation - Equipment $32,600

Accounts Payable 10,830

Salaries Payable 7,500

Unearned Fees 21,000

Common Stock 180,000

Retained Earnings 620,300

Total $872,230 $872,230