Reference no: EM133111961

Question - Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 20Y7, the end of the fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows:

Accounts payable $37,000

Accounts receivable 118,000

Accumulated depreciation-equipment 187,400

Cash ?

Common stock 75,000

Equipment 475,650

Land 300,000

Prepaid insurance 6,400

Prepaid rent 23,000

Retained earnings 635,000

Salaries payable 8,400

Supplies 4,800

Unearned fees 17,900

Required -

Prepare a classified balance sheet that includes the correct balance for Cash. Land must be entered as the first fixed asset. Be sure to complete the statement heading. Refer to the Instructions and the list of Labels and Amount Descriptions for the exact wording of text entries. Negative amounts should be indicated by a minus sign. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.

Prepare a classified balance sheet that includes the correct balance for Cash. Land must be entered as the first fixed asset. Be sure to complete the statement heading. Refer to the Instructions and the list of Labels and Amount Descriptions for the exact wording of text entries. Negative amounts should be indicated by a minus sign. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary.