Prepare a classified balance sheet that includes the correct balance for cash.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Optimum Weight Loss 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 are as follows. Prepare a classified
| accounts payable | 37,700 | prepaid insurance | 7,200 | ||
|---|---|---|---|---|---|
| 116,750 | prepaid rent | 21,000 | |||
| 186,400 | salaries payable | 9,000 | |||
| cash | ? | Cheryl Viers, capital | 710,300 | ||
| Equipment | 474,150 | Supplies | 4,800 | ||
| Land | 300,000 | Unearned fees | 18,000 | ||
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