Homework Help is Here – Start Your Trial Now!
Business
Accounting
Easy Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y7, the end of the fiscal year, the balances of selected accounts from the ledger of Easy Weight Loss are as follows:   Line Item Description Amount Accounts Payable $10,160 Accounts Receivable 24,490 Accumulated Depreciation - Equipment 30,580 Cash ? Common Stock 180,000 Equipment 88,390 Land 118,000 Prepaid Insurance 5,690 Prepaid Rent 3,560 Retained Earnings 23,810 Salaries Payable 3,960 Supplies 610 Unearned Fees 2,950

Easy Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y7, the end of the fiscal year, the balances of selected accounts from the ledger of Easy Weight Loss are as follows:   Line Item Description Amount Accounts Payable $10,160 Accounts Receivable 24,490 Accumulated Depreciation - Equipment 30,580 Cash ? Common Stock 180,000 Equipment 88,390 Land 118,000 Prepaid Insurance 5,690 Prepaid Rent 3,560 Retained Earnings 23,810 Salaries Payable 3,960 Supplies 610 Unearned Fees 2,950

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

**** I want to know in what im wrong and what im missing, Thank you****

Balance Sheet

Easy Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y7, the end of the fiscal year, the balances of selected accounts from the ledger of Easy Weight Loss are as follows:

 

Line Item Description Amount
Accounts Payable $10,160
Accounts Receivable 24,490
Accumulated Depreciation - Equipment 30,580
Cash ?
Common Stock 180,000
Equipment 88,390
Land 118,000
Prepaid Insurance 5,690
Prepaid Rent 3,560
Retained Earnings 23,810
Salaries Payable 3,960
Supplies 610
Unearned Fees 2,950
eBook Show Me How Prepare a classified balance sheet that includes the correct balance for Cash. Easy Weight Loss Co. Balance Sheet November 30, 20Y7 Line Item Description Current assets: Cash Accounts receivable Supplies Prepaid insurance Prepaid rent MV V Total current assets Property, plant, and equipment: Land Total assets Equipment ✓ ✓ Accumulated depreciation equipment ✔ ✓ ✓ Book value-equipment Total property, plant, and equipment Current liabilities: Total liabilities Assets Accounts payable Salaries payable Unearned fees Check My Work Common stock Liabilities Stockholders' Equity Search Amount 88,390 30,580 Amount $220,880 24,490 610 5.690 3,560 118.000 118,000 X 10.160 3.960 2.950 180.000! X Amount 186,530 X 17.070 All work saved. L O IA W
Transcribed Image Text:eBook Show Me How Prepare a classified balance sheet that includes the correct balance for Cash. Easy Weight Loss Co. Balance Sheet November 30, 20Y7 Line Item Description Current assets: Cash Accounts receivable Supplies Prepaid insurance Prepaid rent MV V Total current assets Property, plant, and equipment: Land Total assets Equipment ✓ ✓ Accumulated depreciation equipment ✔ ✓ ✓ Book value-equipment Total property, plant, and equipment Current liabilities: Total liabilities Assets Accounts payable Salaries payable Unearned fees Check My Work Common stock Liabilities Stockholders' Equity Search Amount 88,390 30,580 Amount $220,880 24,490 610 5.690 3,560 118.000 118,000 X 10.160 3.960 2.950 180.000! X Amount 186,530 X 17.070 All work saved. L O IA W
eBook para L Total current assets Property, plant, and equipment: Land GV Equipment IV Accumulated depreciation - equipment Book value-equipment Total assets Total property, plant, and equipment Current liabilities: Accounts payable Salaries payable Unearned fees Total liabilities Liabilities Common stock Retained earnings EV Feedback V Stockholders Equity Total stockholders' equity Total liabilities and stockholders' equity Check My Work Show Me How Search $88,390 30,580 118.000 118,000 X 10.160 3,960 2,950 180,000 23,810 V oker=&takeAssic IA 186,530 17.070 203.810 Check My Work Remember that the balance sheet is a formal representation of the accounting equation, such that Assets Liabilities assets are separated into current and Property, Plant & Equipment (long-term assets), and liabilities are separated int 220.880 All work saved. W X
Transcribed Image Text:eBook para L Total current assets Property, plant, and equipment: Land GV Equipment IV Accumulated depreciation - equipment Book value-equipment Total assets Total property, plant, and equipment Current liabilities: Accounts payable Salaries payable Unearned fees Total liabilities Liabilities Common stock Retained earnings EV Feedback V Stockholders Equity Total stockholders' equity Total liabilities and stockholders' equity Check My Work Show Me How Search $88,390 30,580 118.000 118,000 X 10.160 3,960 2,950 180,000 23,810 V oker=&takeAssic IA 186,530 17.070 203.810 Check My Work Remember that the balance sheet is a formal representation of the accounting equation, such that Assets Liabilities assets are separated into current and Property, Plant & Equipment (long-term assets), and liabilities are separated int 220.880 All work saved. W X
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Tax loss carryovers
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS