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 $ 44,800 Accounts Receivable 138,600 Accumulated Depreciation 221,300 Cash ? Equipment 563,000 Land 356,200 Prepaid Insurance 8,500 Prepaid Rent 24,900 Salaries Payable 10,700 Supplies 5,700 Unearned Fees 21,400 Vanessa Freeman, Capital 843,400 Prepare a classified balance sheet that includes the correct balance for Cash. Maxfit Weight Loss Co.November 30, 20Y4 Assets Current assets: $Cash Accounts receivable Supplies Prepaid insurance Prepaid rent Total current assets $fill in the blank 11 Property, plant, and equipment: $Land $Equipment 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 payable Salaries payable Unearned fees Total liabilities $fill in the blank 27 Owner's Equity Vanessa Freeman, Capita

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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	$ 44,800
Accounts Receivable	138,600
Accumulated Depreciation	221,300
Cash	?
Equipment	563,000
Land	356,200
Prepaid Insurance	8,500
Prepaid Rent	24,900
Salaries Payable	10,700
Supplies	5,700
Unearned Fees	21,400
Vanessa Freeman, Capital	843,400

Prepare a classified balance sheet that includes the correct balance for Cash.

Maxfit Weight Loss Co.November 30, 20Y4

Assets
Current assets:
		$Cash
		Accounts receivable
		Supplies
		Prepaid insurance
		Prepaid rent
Total current assets			$fill in the blank 11
Property, plant, and equipment:
		$Land
	$Equipment
	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 payable
		Salaries payable
		Unearned fees
Total liabilities			$fill in the blank 27
Owner's Equity
			Vanessa Freeman, Capital
Total liabilities and owner's equity			$fill in the blank 30

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