Financial & Managerial Accounting
13th Edition
ISBN: 9781285866307
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 4, Problem 4.12EX
To determine
Classified
Classified Balance Sheet: In order to improve the ease of understanding, a classified balance sheet is used. Classified balance sheet categorizes each item of assets, liabilities, and stockholders ‘equity into a specific category.
A classified balance sheet is prepared under the following heading:
| Assets | Liabilities |
| Current assets: | Current liabilities: |
| Cash | Accounts payable |
| Marketable securities | Interest payable |
| Unearned revenues | |
| Inventories | Notes payable |
| Prepaid expenses | Current maturities of long-term debt |
| Office supplies | Total current liabilities |
| Total current assets | |
| Investments: | Long-term liabilities: |
| Marketable securities | Bonds payable |
| Land held for investment | Notes payable |
| Total investments | Mortgage payable |
| Total long-term liabilities | |
| Property, plant and equipment: | |
| Land | Stockholders’ equity: |
| Building | Common stock |
| Equipment | Total Liabilities and Stockholders’ Equity |
| Less: Accumulated |
|
| Net property, plant and equipment | |
| Intangibles: | |
| Copyrights | |
| Total Assets |
Table (1)
To Prepare: The balance sheet of O Weight Loss Company at November 30, 2016.
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Balance Sheet
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 $ 44,800Accounts Receivable 138,600Accumulated Depreciation 221,300Cash ?Equipment 563,000Land 356,200Prepaid Insurance 8,500Prepaid Rent 24,900Salaries Payable 10,700Supplies 5,700Unearned Fees 21,400Vanessa Freeman, Capital 843,400
Prepare a classified balance sheet that includes the correct balance for Cash.
Maxfit Weight Loss Co.Balance SheetNovember 30, 20Y4AssetsCurrent assets:
$- Select -
- Select -
- Select -
- Select -
- Select -Total current assets $fill in the blank 11Property, plant, and equipment:
$- Select -
$- Select -
- Select -- Select -Total property, plant, and equipment fill in the…
Balance Sheet
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…
Balance Sheet
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.
Maxfit Weight Loss Co.
Balance Sheet
November 30, 20Y4
Assets
Current assets:
Cash
$fill in the blank 2
Accounts receivable
fill in the blank 4
Supplies
fill in the blank 6
Prepaid insurance
fill in the blank 8
Prepaid rent
fill in the blank 10
Total current assets
$fill in the…
Chapter 4 Solutions
Financial & Managerial Accounting
Ch. 4 - Why do some accountants prepare an end-of-period...Ch. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - What types of accounts are referred to as...Ch. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Recent fiscal years for several well-known...
Ch. 4 - Prob. 4.1APECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Marcie Davies owns and...Ch. 4 - Prob. 4.2BPECh. 4 - Prob. 4.3APECh. 4 - Prob. 4.3BPECh. 4 - Closing entries After the accounts have been...Ch. 4 - Closing entries After the accounts have been...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Accounting cycle From the following list of steps...Ch. 4 - Prob. 4.6APECh. 4 - Prob. 4.6BPECh. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Prob. 4.4EXCh. 4 - Income statement The following account balances...Ch. 4 - Prob. 4.6EXCh. 4 - Prob. 4.7EXCh. 4 - Prob. 4.8EXCh. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Prob. 4.12EXCh. 4 - Prob. 4.13EXCh. 4 - Prob. 4.14EXCh. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Prob. 4.16EXCh. 4 - Closing entries with net loss Mira Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Working capital and current ratio The following...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Adjustment data on an end-of-period spreadsheet...Ch. 4 - Completing an end-of-period spreadsheet Alert...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Finders...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and dosing entries The Gorman...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Prob. 4.4BPRCh. 4 - Complete accounting cycle For the past several...Ch. 4 - Comprehensive problem 1 Kelly Pitney began her...Ch. 4 - Continuing Problem The unadjusted trial balance of...Ch. 4 - Prob. 4.1CPCh. 4 - Financial statements The following is an excerpt...Ch. 4 - Financial statements Assume that you recently...
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