Prepare a classified balance sheet

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Reference no: EM131783767

Q1. Optimum Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 2010, the end of the current fiscal year, the balances of selected accounts from the ledger of Optimum Weight Co. are as follows:

Accounts Payable

$10,420

Accounts Receivable

25,110

Accumulated Depreciation - Equipment

31,360

Capital Stock

48,000

Cash

?

Equipment

90,650

Land

121,000

Prepaid Insurance

5,840

Prepaid Rent

3,650

Retained Earnings

161,030

Salaries Payable

4,060

Supplies

630

Unearned Fees

3,020

Prepare a classified balance sheet that includes the correct balance for Cash.

2 Marina Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances were taken from the ledger of Marina Services Co.

Capital Stock

$101,000

Retained Earnings

380,000

Dividends

$6,000

Fees Earned

217,200

Wages Expense

191,900

Rent Expense

45,500

Supplies Expense

11,300

Miscellaneous Expense

5,200

Journalize the four entries required to close the accounts. If an amount box does not require an entry, leave it blank.

Reference no: EM131783767

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