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
Answer:
Explanation:
1.Price: check if our price is still within the range of what our customers can afford or budget for.
2.Promotion: Does our customers or potential customers still view our advertisements.
3.Product: is our product still relevant and up to date when it comes to services and software.
4.Customers: Talk about our target audience, is there any change?
5.Competition: what are our competitors doing, why do customers prefer them to us
Answer:
$20,000
Explanation:
When a company makes sales on account, debit accounts receivable and credit sales. Based on assessment, some or all of the receivables may be uncollectible.
To account for this, debit bad debit expense and credit allowance for doubtful debt. Should the debt become uncollectible (i.e go bad), debit allowance for doubtful debt and credit accounts receivable.
However, in the direct writeoff method, estimates of uncollectible receivables are posted directly into the accounts receivable and not into the allowance account.
The amount in the accounts receivable before write off
= $150,000 - $83,000
= $67,000
Amount written of is $20,000, this will be posted as a debit to bad debt expense and a credit to accounts receivable.
The ending inventory of the previous period is the beginning inventory of the current period.
Beginning inventory is the amount of a product. A commercial enterprise has in stock at the start of an accounting length which includes a month or 12 months. due to the fact each accounting length connects to the subsequent, the beginning inventory of one length will be similar to the ending inventory of the previous.
Beginning inventory, or opening inventory, is your inventory cost at the beginning of an accounting duration. For that reason, finishing inventory, or last inventory is the cost of the stock at the top of an accounting duration.
Ending inventory is the value of goods nevertheless available for sale and held via a business enterprise at the end of an accounting length. The dollar amount of ending stock may be calculated by the usage of multiple valuation techniques.
Learn more about Beginning inventory here: brainly.com/question/24868116
#SPJ4
Answer:
C. Total debits are equal to total credits
Explanation:
When the end-of-period spreadsheet is complete, the adjustment columns should have:
Total debits equal to total credits.
When this happens, the trial balance is considered to be balanced.
If revenues are greater than expenses, then income statement will give a credit balance. If expenses are bigger than revenues, your income statement will show a debit balance.
