Prepare the balance sheet as of december 31

2. How does the companys performance compare to that of the industry? Provide a brief discussion of the companys performance.

Following is data for Pitt-Vaughn Academy (PVA). Use the data below to answer each of the enumerated requirements Pitt.Vaughn Academy (PVA), a school owned by Lily Pitt-Vaughn, provides training to individuals who pay tuition directly to the school. PVA also offers training to groups in off-site locations. PVA Initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items a. An analysis of PVA's Insurance policies shows that $2,939 of coverage has expired. b. An Inventory count shows that teaching supplies costing $2,547 are available at year-end. c. Annual depreciation on the equipment is $11,756. d. Annual depreciation on the professional library is $5,878 e. On September 1, PVA agreed to do five courses for a client for $2.400 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $12,000 cash in advance for all five courses on September 1, and PVA credited Unearned Training Fees. f. On October 15, PVA agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $8,450 of the tuition has been earned by PVA. & PVA's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee. h. The balance in the Prepaid Rent account represents rent for December. PITT-VAUGHN ACADEMY Unadjusted Trial Balance December 31 Credit Cash $ Debit 27,849 10,710 16,068 2,143 32,133 $ 9,641 74,968 17,139 38,341 Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library Accumulated depreciation-Professional library Equipment Accumulated depreciation--Equipment Accounts payable Salaries payable Unearned training fees L. Pitt-Vaughn, Capital L. Pitt-Vaughn, Withdrawals Tuition fees earned Training fees earned Depreciation expense-Professional library Depreciation expense-Equipment Salaries expense Insurance expense Rent expense Teaching supplies expense Advertising expense Utilities expense Totals 12,000 68,123 42,845 109,254 40,702 51,415 23,573 7.498 5,998 $ 295,200 $ 295, 200