Balance Sheet MaxFit Weight Loss Co. offers personal weight reduction consulting services to individuals. After all been closed on November 30, 20Y4, the end of the fiscal year, the balances of selected accounts fr MaxFit Weight Loss Co. are as follows: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Equipment Land Prepaid Insurance Prepaid Rent Salaries Payable $ 44,800 138,600 221,300 Supplies Unearned Fees ? 563,000 356,200 8,500 24,900 10,700 5,700 21,400 Vanessa Freeman, Capital 843,400 Assets $177,700 697.900 138600 Prepare a classified balance sheet that includes the correct balance for Cash. Maxfit Weight Loss Co. Balance Sheet November 30, 20Y4 Assets OOLS 0258 24

Q: Hi, I want to ask about the Cash Over and Short Account. Why and how does this account exist? Where…

A: Step 1 An account in the general ledger in which the amount by which actual ending cash balance…

Q: hy can not we wait to record transactions until the cash comes in or the cash goes out?

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: How is the account Cash Short and Over used?

A: An account that records the shortage overage of the cash is referred to as Cash Short and Over…

Q: In what manner can cash receipts and cash disbursements be controlled?

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Q: What's the difference between a cash business and cash accounting?

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Q: What is a double-entry bookkeeping system?

A: The accounting is a process to classify the transactions, record the transactions and prepare the…

Q: Define cash larceny.

A: Cash: Cash is the money which is readily available in the form of currency. Since cash can be easily…

Q: Why should cash receipts be deposited on the same day they are received?

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: What are the controls needed to secure the petty cash fund?

A: Internal control:Internal control is a process which ensures continuous reliability of…

Q: What are the different risks associated in the accounting of cash

A: The element of risk arises in each and every area and how well we can minimise or reduce the risk is…

Q: Why could cash be falling in a set of accounts?

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Q: separation of duties

A: Separation of duty is the internal conttro process by which the company avoids the fraud and…

Q: Explain the meaning of imprest system of pretty cash book.

A: Petty cash book: It is a book that is maintained for recording the small expenses that are incurred…

Q: What are the internal controls that should be in place to ensure the accuracy and security of cash…

A: Answer Internal control meaning:- Internal control is a procedure for ensuring that an entity's…

Q: What is a "proof of cash? What purpose does it serve?

A: A four-column bank statement prepared by auditors is called proof of cash. It has a detailed…

Q: Debit

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Q: To establish a petty cash fund, which account is debited

A: The petty cash fund is the fund maintained by the company in order to pay for the small expenses of…

Q: Why should we count all cash at the same time?

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Q: What types of conveniences should you look for in a savings account?

A: Saving Account: A savings account is a basic type of bank account that permits you to deposit cash,…

Q: How do you write up a cash book

A: Cash book is ledger maintained to keep the record of cash transactions and cash balance in the…

Q: Why do companies offer a cash discount?

A:

Q: Why are cash receipts required to be deposited the same day they are received?

A: Cash receipts represent the revenue received for the sale of goods or services.

Q: Determine the process to create an bank account?

A: The bank is the financial institution which accepts deposits from the customer and provides credit.…

Q: If the time interval for compounding is different from the time interval for cash transactions what…

A: Time interval plays a big role in determining the inflows and outflows of an investment ,therefore…

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