5. Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2018, the end of the fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows: $ 51,200 $ 8,400 Prepaid Insurance Prepaid Rent Retained Earnings Salaries Payable Supplies Accounts Payable Accounts Receivable 187,500 6,000 Accumulated Depreciation-Equipment 186,000 620,300 Cash ? 7,500 Common Stock 100,000 11,200 Equipment Land 325,900 Unearned Fees 21,000 375,000 Prepare a classified balance sheet that includes the correct balance for Cash.
5. Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2018, the end of the fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows: $ 51,200 $ 8,400 Prepaid Insurance Prepaid Rent Retained Earnings Salaries Payable Supplies Accounts Payable Accounts Receivable 187,500 6,000 Accumulated Depreciation-Equipment 186,000 620,300 Cash ? 7,500 Common Stock 100,000 11,200 Equipment Land 325,900 Unearned Fees 21,000 375,000 Prepare a classified balance sheet that includes the correct balance for Cash.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:5. Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals.
After all the accounts have been closed on June 30, 2018, the end of the fiscal year, the balances
of selected accounts from the ledger of Dynamic Weight Loss are as follows:
$ 51,200
$ 8,400
Prepaid Insurance
Prepaid Rent
Retained Earnings
Accounts Payable
Accounts Receivable
187,500
6,000
Accumulated Depreciation-Equipment
186,000
620,300
Salaries Payable
Supplies
Cash
?
7,500
Common Stock
100,000
11,200
Equipment
325,900
Unearned Fees
21,000
Land
375,000
Prepare a classified balance sheet that includes the correct balance for Cash.
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