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Balance Sheet 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 $11,150 Accounts Receivable 26,870 Accumulated Depreciation - Equipment 33,560 Common Stock 180,000 Cash ? Equipment 97,000 Land 129,000 Prepaid Insurance 6,240 Prepaid Rent 3,900 Retained Earnings 43,670 Salaries Payable 4,350 Supplies 670 Unearned Fees 3,230 Prepare a classified balance sheet that includes the correct balance for Cash. Dynamic Weight Loss Co. Balance Sheet June 30, 20Y7 Assets Current assets: $ Total current assets $ Property, plant, and equipment: $ $ Total property, plant, and equipment Total assets $ Liabilities Current liabilities: $ Total liabilities $ Stockholders' Equity $ Total stockholders' equity Total liabilities and stockholders' equity $

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Answer:

20Y7 Balance Sheet

$49,960   TOTAL CURRENT ASSETS  

$192,440  TOTAL NON CURRENT ASSETS  

$242,400  TOTAL ASSETS  

$18,730      TOTAL CURRENT LIABILITIES  

$0,000     TOTAL NON CURRENT LIABILITIES  

$18,730      TOTAL LIABILITIES  

$223,670  TOTAL EQUITY  

$242,400  TOTAL EQUITY + LIABILITIES  

Explanation:

20Y7    Balance Sheet

$12,280 Cash

$26,870 Accounts Receivable

$0,670 Supplies

$3,900 Prepaid Rent

$6,240 Prepaid Insurances

$49,960  TOTAL CURRENT ASSETS  

$ 97,000 Equipment

-$ 33,560 Accum Depreciation Equipm

$ 129,000 Land

$192,440  TOTAL NON CURRENT ASSETS  

$242,400  TOTAL ASSETS  

$11,150  Accounts Payable  

$3,230  Unearned Fees  

$4,350  Salaries Payable  

$18,730  TOTAL CURRENT LIABILITIES  

$0,000  TOTAL NON CURRENT LIABILITIES  

$18,730  TOTAL LIABILITIES  

$180,000  Common Stock  

$43,670  Retained Earnings  

$223,670  TOTAL EQUITY  

$242,400  TOTAL EQUITY + LIABILITIES  

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