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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. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Enter all amounts as positive numbers. When entering assets, enter them in order of liquidity.

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. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Enter all amounts as positive numbers. When entering assets, enter them in order of liquidity.

FINANCIAL ACCOUNTING
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. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. You will not need to enter colons (:) or the word "Less" on the balance sheet; they will automatically insert where necessary. Enter all amounts as positive numbers. When entering assets, enter them in order of liquidity.

 

 

MaxFit Weight Loss Co. Balance Sheet For the Year Ended November 30, 20Y4 1 Assets 2 Total current assets: 3 Accounts receivable 4 Cash 5 Prepaid insurance Prepaid rent Supplies Current assets * Property, plant, and equipment: 10 Land 11 Equipment 12 Less accumulated depreciation 13 Total property, plant, and equipment 14 Total assets 15 Llablitles 16 Current asset s: 17 Total liabilities 18 19 20 Owner's equlty 21 22 23
Transcribed Image Text:MaxFit Weight Loss Co. Balance Sheet For the Year Ended November 30, 20Y4 1 Assets 2 Total current assets: 3 Accounts receivable 4 Cash 5 Prepaid insurance Prepaid rent Supplies Current assets * Property, plant, and equipment: 10 Land 11 Equipment 12 Less accumulated depreciation 13 Total property, plant, and equipment 14 Total assets 15 Llablitles 16 Current asset s: 17 Total liabilities 18 19 20 Owner's equlty 21 22 23
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