Solution: MY-BEST WEIGHT CO. Balance Sheet November 30, 2012 Assets Liabilities Current Assets : Current Liabilities : Cash 37.500 Accounts payable 34.500 Accounts receivable 83.120 Salaries Payable 13.500 Supplies 2.080 Unearned Fees 10.000 Prepaid Insurance 19.200 Total Current 58.000 Prepaid Rent 12.000 Liabilities Total Current Assets 153.900 Total Liabilities 58.000 Fixed Assets : Owner’s equity Land 400.000 Balance Tierney, Capital 692.000 Equipment 300.000 (Less ) Accumulated 103.900 Depreciation 196.100 596.100 750.000 Total Fixed Assets Total Liabilities and Owner’s equity Total Assets 750.000 – Cash = 750.000 (596.100+ 12.000 + 19.200+ 2.080 + 83.120) Cash = 750.000 – 712.500 Cash = 37.500
Solution: MY-BEST WEIGHT CO. Balance Sheet November 30, 2012 Assets Liabilities Current Assets : Current Liabilities : Cash 37.500 Accounts payable 34.500 Accounts receivable 83.120 Salaries Payable 13.500 Supplies 2.080 Unearned Fees 10.000 Prepaid Insurance 19.200 Total Current Liabilities 58.000 Prepaid Rent 12.000 Total Current Assets 153.900 Total Liabilities 58.000 Fixed Assets : Owner’s equity Land 400.000 Balance Tierney, Capital 692.000 Equipment 300.000 (Less ) Accumulated Depreciation 103.900 196.100 Total Fixed Assets 596.100 Total Liabilities and Owner’s equity 750.000 Total Assets 750.000 Cash = 750.000 – (596.100+ 12.000 + 19.200+ 2.080 + 83.120) Cash = 750.000 – 712.500 Cash = 37.500
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