Answer:
Dynamic Weight Loss Co.
DYNAMIC WEIGHT LOSS CO.
Classified Balance Sheet as of June 30, 20Y7
Assets
Current Assets:
Cash $119,630
Accounts Receivable 26,100
Prepaid Insurance 8,400
Prepaid Rent 6,000
Supplies 11,200
Total current assets $171,330
Long-term Assets:
Land 375,000
Equipment 325,900
Accumulated Depreciation (32,600) 293,300
Total long-term assets $668,300
Total assets $839,630
Liabilities and Equity
Current Liabilities:
Accounts Payable $10,830
Salaries Payable 7,500
Unearned Fees 21,000
Total current liabilities $39,330
Equity:
Common Stock 180,000
Retained Earnings 620,300
Total equity $800,300
Total liabilities and equity $839,630
Explanation:
a) Data and Calculations:
Trial Balance as of June 30, 20Y7
Account Titles Debit Credit
Cash $119,630
Accounts Receivable 26,100
Prepaid Insurance 8,400
Prepaid Rent 6,000
Supplies 11,200
Land 375,000
Equipment 325,900
Accumulated Depreciation - Equipment $32,600
Accounts Payable 10,830
Salaries Payable 7,500
Unearned Fees 21,000
Common Stock 180,000
Retained Earnings 620,300
Total $872,230 $872,230
