Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A partial alphabetized list of adjusted account balances is shown for Dover Pacific Tours as at November 30, 2020 (all normal balances). Pat Dover, the
A partial alphabetized list of adjusted account balances is shown for Dover Pacific Tours as at November 30, 2020 (all normal balances). Pat Dover, the owner, uses the following account classification system: 101-149 Current assets 190-199 Non-current Investments 150169 Property, plant, and equipment 201-249 Current liabilities 170-189 Intangible assets 250-299 Non-current liabilities Acct. No. 201 186 155 153 101 172 240 278 195 154 110 112 285 118 206 152 Account Title Accounts payable Accounts receivable Accumulated depreciation, office furniture Accumulated depreciation, vehicles Cash Copyright Current notes payable Non-current notes payable! Notes receivable? Office furniture Prepaid insurance Prepaid rent Salaries payable Supplies Unearned touring revenue Vehicles Adjusted Account Balance $ 38,500 18,500 3,680 15,388 6,700 8,500 13,500 20,600 19,500 5,500 4,100 8,500 11,600 2. eee 22,500 61,5ee 1$9.500 of this non-current note payable is to be paid by November 30, 2021. 2$7,000 of the notes receivable is to be collected by November 30, 2021. Required: Prepare a classified balance sheet for year ended November 30, 2020. DOVER PACIFIC TOURS Balance Sheet November 30, 2020 Assets Current assets: Cash Accounts receivable Prepaid insurance Prepaid rent Supplies Current portion of notes receivable Total current assets Non-current investments: Property, plant, and equipment: Vehicles Office furniture Total property, plant, and equipment Intangible assets: Copyright Total assets Liabilities Current liabilities: Total current liabilities Non-current liabilities: Total liabilities Equity Total liabilities and equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started