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