Optimum Weight Loss Co. offers personal reduction consulting services to individuals.
After all the accounts have been closed on November 30, 2016 the end of the fiscal year, the balance of selected accounts from the ledger of Optimum Weight Loss Co. are as following:
Account payable 37,000
Account receivable 116,750
Accumulated depreciation equipment 186,400
Cash ?
Common stock 75,000
Equipment 474,500
Land 300,000
Prepaid insurance 7,200
Prepaid rent 21,000
Retained earning 635,300
Salaries payable 9,000
Supplies 4,8000
Unearned fees 18,000
Required:
1. Prepare a classified balance sheet that includes the correct balance for Cash.