Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

MaxFit Weight Loss Co Balance Sheet November 30, 20Y4
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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance For The People Getting A Grip On Your Finances

Authors: Paco De Leon

1st Edition

0143136259, 9780143136255

More Books

Students also viewed these Accounting questions

Question

Solve for x: 2(3x 1)2(x + 5) = 12

Answered: 1 week ago