Question

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 $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 according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Answer 1

	OPTIMUM WEIGHT LOSS CO.
	Balance Sheet
	November 30, 2016
Assets				Liabilities
Current assets:				Current liabilities:
Cash	37,050			Accounts Payable	37,200
Accounts Receivable	1,18,550			Salaries Payable	9,300
Supplies	4,500			Unearned Fees	17,300
Prepaid Insurance	6,200			Total Current liabilities & Liabilities		63,800
Prepaid Rent	21,900
Total current assets			1,88,200.00
Property, plant, and equipment:
Land		3,00,000
Equipment	4,77,200			Owner’s Equity
- Accumulated depreciation	-1,87,000	2,90,200		Cheryl Viers, capital		7,14,600
Total Property, plant, and equipment			5,90,200
Total assets			7,78,400	Total liabilities and owner’s Equity		7,78,400