Optimum Weight Loss Co. offers personal weight reduction consulting services to

Question

Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2016, the end of the fiscal year, the balances of selected accounts from the ledge of Optimum Weight Loss Co. are as follows: Prepare a classified balance sheet that includes the correct balance for Cash. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the Prepare a classified balance sheet that Includes the correct balance for Cash. Fixed assets must be entered in order according to account number. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Explanation / Answer

OPTIMUM WEIGHT COMPANY

BALANCE SHEET

ASSETS

Cash

Accounts receivables 118,000   

Supplies 4,800

Common stock 75,000

Prepaid insurance 6,400

Prepaid rent 23,000

LONG TERM ASSETS

Land 300,000

Equipment 475,650

Less:Accumulated depreciation (187,400)

TOTAL   

LIABILITIES AND OWNERS EQUITY

Current liabilities

Accounts payable 37,000

Salaries payable 8,400

Unearned fees 17,900

OWNER'S EQUITY

Retained earnings 635,000

TOTAL 698,300

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