Reference no: EM132748519
Problem - 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 $51,200 Prepaid Insurance $8,400
Accounts Receivable 187,500 Prepaid Rent 6,000
Accumulated Depreciation-Equipment 186,000 Retained Earnings 620,300
Cash ? Salaries Payable 7,500
Common Stock 100,000 Supplies 11,200
Equipment 325,900 Unearned Fees 21,000
Land 375,000
Required - Prepare a classified balance sheet that includes the correct balance for Cash.