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 $7,740 Accounts Receivable 18,650 Accumulated Depreciation 23,300 Cash ? Equipment 67,340 Land 90,000 Prepaid Insurance 4,330 Prepaid Rent 2,710 Salaries Payable 3,020 Supplies 460 Unearned Fees 2,240 Vanessa Freeman, Capital 155,260 Prepare a classified balance sheet that includes the correct balance for Cash. MaxFit Weight Loss Co Balance Sheet November 30, 20Y4 Assets Current assets: $fill in the blank 2 fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10 Total current assets $fill in the blank 11 Property, plant, and equipment: $fill in the blank 13 $fill in the blank 15 fill in the blank 17 fill in the blank 18 Total property, plant, and equipment fill in the blank 19 Total assets $fill in the blank 20 Liabilities Current liabilities: $fill in the blank 22 fill in the blank 24 fill in the blank 26 Total liabilities $fill in the blank 27 Owner's Equity fill in the blank 29 Total liabilities and owner's equity $fill in the blank 30
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 | $7,740 |
| 18,650 | |
| 23,300 | |
| Cash | ? |
| Equipment | 67,340 |
| Land | 90,000 |
| Prepaid Insurance | 4,330 |
| Prepaid Rent | 2,710 |
| Salaries Payable | 3,020 |
| Supplies | 460 |
| Unearned Fees | 2,240 |
| Vanessa Freeman, Capital | 155,260 |
Prepare a classified balance sheet that includes the correct balance for Cash.
| MaxFit Weight Loss Co | |||
| Balance Sheet | |||
| November 30, 20Y4 | |||
| Assets | |||
| Current assets: | |||
| $fill in the blank 2 | |||
| fill in the blank 4 | |||
| fill in the blank 6 | |||
| fill in the blank 8 | |||
| fill in the blank 10 | |||
| Total current assets | $fill in the blank 11 | ||
| Property, plant, and equipment: | |||
| $fill in the blank 13 | |||
| $fill in the blank 15 | |||
| fill in the blank 17 | fill in the blank 18 | ||
| Total property, plant, and equipment | fill in the blank 19 | ||
| Total assets | $fill in the blank 20 | ||
| Liabilities | |||
| Current liabilities: | |||
| $fill in the blank 22 | |||
| fill in the blank 24 | |||
| fill in the blank 26 | |||
| Total liabilities | $fill in the blank 27 | ||
| Owner's Equity | |||
| fill in the blank 29 | |||
| Total liabilities and owner's equity | $fill in the blank 30 |
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