Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following is a partial trial balance for Captain Jack Boat Tours Limited for the year ended September 30, 2021, it's first year of operations.
The following is a partial trial balance for Captain Jack Boat Tours Limited for the year ended September 30, 2021, it's first year of operations. Cash 37,350 13,450 Accounts Receivable Prepaid insurance Supplies 2,000 4,200 Boat 120,000 Accumulated depreciation - boat 18,000 Equipment 12,000 Accumulated depreciation - equipment 3,600 Accounts Payable 7,990 Interest payable 825 Income taxes payable 8,235 Note payable 75,550 Share Capital 5,000 Additional information: - The net income for the year ended September 30, 2021 was $79,800 - The company paid dividends of $10,000 during the year. - the note payable will be repaid in 5 years. Required: Prepare the balance sheet for Captain Jack Boat Tours Limited at September 30, TIL
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