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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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 |
| 138,600 | |
| 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
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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