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3 years ago

Balance Sheet

Business

1 answer:

miv72 [106K]3 years ago

4 0

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

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3 years ago

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Answer:

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2 years ago

Equity method journal entries (price greater than book value) An investor purchases a 25% interest in an investee company, and t

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Answer:

See answer an explanation below.

Explanation:

The journal entries will look as follows:

General Journal

Description Debit ($) Credit ($)

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