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Question 2: Saguenay Limited - 30 minutes (25 marks) Saguenay Limited, located north of Quebec City, is known throughout eastern Canada as a quality manufacturer
Question 2: Saguenay Limited - 30 minutes (25 marks) Saguenay Limited, located north of Quebec City, is known throughout eastern Canada as a quality manufacturer of discombobulators. You have recently been hired as a Junior Accountant at Saguenay Limited. The following financial information is for the year-ended/as at September 30, 2021. Accounts payable Accounts receivable Bank loan payable Cash Common shares Income tax expense Insurance expense Building Retained earnings (beginning) Revenue - discombobulator sales Salaries expense Supplies $ 9,375 5,500 13,750 58,750 94,375 17,375 2,125 125,000 34,375 78,750 20,625 1,250 Note 1: All expenses are clearly marked as such above. Note 2: Assume net income as at September 30, 2021 is $38,625. Required Construct the balance sheet as at September 30, 2021 for Saguenay Limited in good form. Do not differentiate between "current" and "non-current" assets or liabilities. Show your work for the ending retained earnings balance
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