mianelson367
19.03.2021 •
Business
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 $51,200
Accounts Receivable 187,500
Accumulated Depreciation - Equipment 186,000
Cash ?
Common Stock 100,000
Equipment 325,900
Land 375,000
prepaid Insurance 8400
Prepaid Rent 6000
Retained Earnings 620,300
Salaries Payable 7500
Supplies 11,200
Unearned Fees 21,000
Required:
Prepare a classified balance sheet that includes the correct balance for Cash.
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Ответ:
Dynamic Weight Loss Co.
Statement of Financial position as at June 30, 20Y7
Assets
Current Asset $ $
Cash 72,000
Accounts Receivable 187,500
Supplies 11,200
prepaid Insurance 8,400
Prepaid Rent 6,000
Total Current asset 285,100
Property, plant and Equipment
Land 375,000
Equipment 325,900
Accumulated Depreciation - Equipment (186,000) 514,900
Total Assets 800,000
Liabilities and Owners Equities
Current liabilities
Accounts Payable 51,200
Salaries Payable 7,500
Unearned Fees 21,000
Total liabilities 79,700
Owners Equities
Common Stock 100,000
Retained Earnings 620,300
Total Equities 720,300
Total Liabilities and Owners Equities 800,000
Explanation:
The balance sheet shows the company's assets, liabilities and equities.
Using the accounting equation
Assets = Liabilities + Equities
Total assets
= 187,500 + 325,900 - 186,000 + 375,000 + 8400 + 6000 + 11,200 + C
where C is the closing balance in the cash account
= 728,000 + C
Total liabilities
= 51,200 + 7500 + 21,000
= $79,700
Total equities
= 620,300 + 100,000
= $720,300
Since Assets = Liabilities + Equities
728,000 + C = 720,300 + 79,700
C = 720,300 + 79,700 - 728,000
C = $72,000
Ответ:
Hope this helps!
@SamSamySamantha