Question

The adjusted balances of the fitness center at July 31 are as follows: (A) Prepare a classified balance sheet at July 31

J á counting / accounting questions and answers the Question: The adjusted account balances The adjusted account balances of the Fitness Center at July 31 are as fa The adjusted account balances of the finess Center are as follows Account balance Account 516,000 Service Revenge Accounts Receivable 15,000 interest Revenge 300.000 Series and Wages Expos 120,000 Supplies Expense i ngs Acumulated depreciat Accounts Payable Retained taming Pre the end of the period cioung entries for the Fores Center. (Cretacco No Account Thies and Explanation

Answer 1

Balance sheet For the year ended on July 31 Assets Current assets Cash Accounts Receivables Supplies Prepaid Insurance Total Current assets $ $ $ $ 16,000 15,000 4,000 8,000 $ 43,000 Fixed assets Building Accumulated Depriciation- Building $ $ 300,000 120,000 Less $ 180,000 Total assets $ 223,000 Liabilities & Stockholder's Equity Liabilities Accounts Payable $ 19,000 Total Liabilities $ 19,000 StockHolders Equity Common Stock Retained Earning Total Stockholders Equity $ $ 90,000 114,000 Add $ 204,000 Total Liabilities & Stockholder's Equity $ 223,000

Working: Income Statement $ $ 105,000 8,000 $ 113,000 Less Revenue Service Revenue Interest Revenue Total Revenue Expenses: Depreciation Expense Insurance Expense Salaries Expense Supplies Expense Utilities Expense Total Expense Net Income $ $ $ $ $ 27,000 6,000 35,000 9,000 12,000 $ $ 89,000 24,000 Retained Earning Statement Retained earning Beginning Balance Net Income Add $ $ $ $ $ 105,000 24,000 129,000 15,000 114,000 Less Dividend Retained earning Ending Balance