Question
Balance Sheet MaxFit Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y4,
Balance Sheet
MaxFit Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 20Y4, the end of the fiscal year, the balances of selected accounts from the ledger of MaxFit Weight Loss Co. are as follows:
Accounts Payable | $8,850 |
Accounts Receivable | 21,330 |
Accumulated Depreciation | 26,640 |
Cash | ? |
Equipment | 77,000 |
Land | 103,000 |
Prepaid Insurance | 4,960 |
Prepaid Rent | 3,100 |
Salaries Payable | 3,450 |
Supplies | 530 |
Unearned Fees | 2,570 |
Vanessa Freeman, Capital | 177,530 |
Prepare a classified balance sheet that includes the correct balance for Cash.
Assets | |||
Current assets: | |||
Accounts payableAccumulated depreciationVanessa Freeman, CapitalCashEquipmentCash | $Cash | ||
Accounts payableAccounts receivableEquipmentSalaries payableVanessa Freeman, CapitalAccounts receivable | Accounts receivable | ||
Accounts payableVanessa Freeman, CapitalEquipmentLandSuppliesSupplies | Supplies | ||
Accumulated depreciationEquipmentPrepaid insuranceUnearned feesVanessa Freeman, CapitalPrepaid insurance | Prepaid insurance | ||
Accounts payableEquipmentLandPrepaid rentUnearned feesPrepaid rent | Prepaid rent | ||
Total current assets | $fill in the blank 11 | ||
Property, plant, and equipment: | |||
Accounts receivableLandSuppliesUnearned feesVanessa Freeman, CapitalLand | $Land | ||
Accounts receivableEquipmentPrepaid rentSuppliesUnearned feesEquipment | $Equipment | ||
Less accounts payableLess accumulated depreciationLess cashLess equipmentLess unearned feesLess accumulated depreciation | Less accumulated depreciation | Less accumulated depreciation | |
Total property, plant, and equipment | fill in the blank 19 | ||
Total assets | $fill in the blank 20 | ||
Liabilities | |||
Current liabilities: | |||
Accounts payableAccounts receivableCashSuppliesVanessa Freeman, CapitalAccounts payable | $Accounts payable | ||
CashEquipmentPrepaid insurancePrepaid rentSalaries payableSalaries payable | Salaries payable | ||
Accounts receivableCashLandSuppliesUnearned feesUnearned fees | Unearned fees | ||
Total liabilities | $fill in the blank 27 | ||
Owner's Equity | |||
Accumulated depreciationVanessa Freeman, CapitalEquipmentPrepaid insuranceUnearned feesVanessa Freeman, Capital | Vanessa Freeman, Capital | ||
Total liabilities and owner's equity | $fill in the blank 30 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started