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My-Best Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2012, end of the present fiscal year, balances of selected accounts from ledger of My-Best Weight Co. are as follows:

Accounts Payable …………………………………………...$ 34,500
Accounts Receivable ………………………………………... 83,120
Accumulated Depreciation—Equipment …………………… 103,900
Blanca Tierney, Capital …………………………………….. 692,000
Cash …………………………………………………………?
Equipment ………………………………………………….. 300,000
Land ………………………………………………………... $400,000
Prepaid Insurance …………………………………………... 19,200
Prepaid Rent ………………………………………………… 12,000
Salaries Payable ……………………………………………… 13,500
Supplies ……………………………………………………… 2,080
Unearned Fees ………………………………………………. 10,000

Create a classified balance sheet which includes correct balance for Cash.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92715

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