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 $11,230 Accounts Receivable 27,060 Accumulated Depreciation 33,800 Cash ? Equipment 97,700 Land 130,000 Prepaid Insurance 6,290 Prepaid Rent 3,930 Salaries Payable 4,380 Supplies 670 Unearned Fees 3,260 Vanessa Freeman, Capital 225,270 Prepare a classified balance sheet that includes the correct balance for Cash. MaxFit Weight Loss Co

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan