Answered: Accounts Payable $37,700 Accounts…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Balance sheet

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:

Prepare a classified balance sheet that includes the correct balance for
Cash

Accounts Payable
$37,700
Accounts Receivable
116,750
Accumulated Depredation-Equipment 186,400
Cash
Equipment
474,150
Land
300,000
Prepaid Insurance
$7,200
Prepaid Rent
21,000
Salaries Payable
9,000
Cheryl Viers, Capital
710,300
Supplies
4,800
Unearned Fees
18,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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