chapter 4 Ultimate writer

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 ledger of Optimum Weight Loss Co. are as follows:

Accounts Payable	$37,200
Accounts Receivable	118,550
Accumulated Depreciation-Equipment	187,000
Cash	?
Equipment	477,200
Land	300,000
Prepaid Insurance	6,200
Prepaid Rent	21,900
Salaries Payable	9,300
Cheryl Viers, Capital	714,600
Supplies	4,500
Unearned Fees	17,300

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 than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary

CHART OF ACCOUNTS
Optimum Weight Loss Co.
General Ledger
ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Prepaid Rent 16 Land 17 Equipment 18 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Unearned Fees EQUITY 31 Cheryl Viers, Capital
Labels
Current assets
Current liabilities
For the Year Ended November 30, 2016
November 30, 2016
Property, plant, and equipment
Amounts Descriptions
Total assets
Total current assets
Total liabilities
Total liabilities and owner’s equity
Total property, plant, and equipment

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 than account names. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Optimum Weight Loss Co.

Balance Sheet

1	Assets
2
3
4
5
6
7
8
9
10
11
12
13
14
15	Liabilities
16
17
18
19
20
21	Owner’s equity
22
23

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