Question

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
Equipment 86,480
Land 115,000
Prepaid Insurance 5,570
Prepaid Rent 3,480
Retained Earnings 19,400
Salaries Payable 3,880
Supplies 600
Unearned Fees 2,880
Prepare a classified balance sheet that includes the correct balance for Cash.
Dynamic Weight Loss Co.
Balance Sheet
June 30, 2018
Assets
Current assets:
$
Total current assets $
Property, plant, and equipment:
$
$
Total property, plant, and equipment
Total assets $
Liabilities
Current liabilities:
$
Total liabilities $
Stockholders' Equity
$
Total stockholders' equity
Total liabilities and stockholders' equity $

Answer 1

See below

Step-by-step explanation:

Dynamic Weight Loss Co.

Balance sheet June 30, 2008

Assets:

Current assets

Cash $12,360

Accounts receivable $26,100

Supplies $600

Prepaid insurance $5,570

Prepaid rent $3,480

Total current assets

$48,110

Property, Plant and equipment

Equipment $86,480

Less: Accumulated depreciation ($32,600)

Net book value

$53,880

Land

$115,000

Total property, plant and equipment

$168,880

Total assets

$216,990

Current liabilities

Accounts payable

$10,830

Salaries payable

$3,880

Unearned fees

$2,880

Total liabilities

$17,590

Stockholder's equity

Common stock

$180,000

Retained earnings

$19,400

Total stockholder's equity

$199,400

Total liabilities and stockholder's equity

$216,990

• Cash = $216,990 - $204,630 = $12,360 ($204,630 is total of assets before cash)