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 $9,840 Accounts Receivable 23,710 Accumulated Depreciation 29,620 Cash ? Equipment 85,610 Land 114,000 Prepaid Insurance 5,510 Prepaid Rent 3,440 Salaries Payable 3,840 Supplies 590 Unearned Fees 2,850 Vanessa Freeman, Capital 197,390 Prepare a classified balance sheet that includes the correct balance for Cash. MaxFit Weight Loss CoNovember 30, 20Y4 Assets Current assets: $Cash Accounts receivable Supplies Prepaid insurance Prepaid rent Total current assets $fill in the blank 11 Property, plant, and equipment: $Land $Equipment Less accumulated depreciation Less accumulated depreciation Total property, plant, and equipment fill in the blank 19 Total assets $fill in the blank 20 Liabilities Current liabilities: $Accounts payable Salaries payable Unearned fees Total liabilities $fill in the blank 27 Owner's Equity Van

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	$9,840
Accounts Receivable	23,710
Accumulated Depreciation	29,620
Cash	?
Equipment	85,610
Land	114,000
Prepaid Insurance	5,510
Prepaid Rent	3,440
Salaries Payable	3,840
Supplies	590
Unearned Fees	2,850
Vanessa Freeman, Capital	197,390

Prepare a classified balance sheet that includes the correct balance for Cash.

MaxFit Weight Loss CoNovember 30, 20Y4

Assets
Current assets:
		$Cash
		Accounts receivable
		Supplies
		Prepaid insurance
		Prepaid rent
Total current assets			$fill in the blank 11
Property, plant, and equipment:
		$Land
	$Equipment
	Less accumulated depreciation	Less accumulated depreciation
Total property, plant, and equipment			fill in the blank 19
Total assets			$fill in the blank 20
Liabilities
Current liabilities:
		$Accounts payable
		Salaries payable
		Unearned fees
Total liabilities			$fill in the blank 27
Owner's Equity
			Vanessa Freeman, Capital
Total liabilities and owner's equity			$fill in the blank 30

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