alance 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 $ 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. Balance Sheet November 30, 20Y4 Assets Current assets: $- Select - - Select - - Select - - Select - - Select - Total current assets $fill in the blank 11 Property, plant, and equipment: $- Select - $- Select - - Select - - Select - Total property, plant, and equipment fill in the blank 19 Total assets $fill in the blank 20 Liabilities Current liabilities: $- Select - - Select - - Select - Total liabilities $fill in the blank 27 Owner's Equity - Select - Total liabilities and own
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
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
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.
Balance Sheet
November 30, 20Y4
Assets
Current assets:
$- Select -
- Select -
- Select -
- Select -
- Select -
Total current assets $fill in the blank 11
Property, plant, and equipment:
$- Select -
$- Select -
- Select -
- Select -
Total property, plant, and equipment fill in the blank 19
Total assets $fill in the blank 20
Liabilities
Current liabilities:
$- Select -
- Select -
- Select -
Total liabilities $fill in the blank 27
Owner's Equity
- Select -
Total liabilities and owner's equity
Solution:-
Introduction:-
Balance sheet shows financial position of the company.
It is based on Accounting equation.
Accounting equation is Assets = Liabilities + Owner's Equity
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