required: prepare a classified balance sheet for year ended november 30 2020
Transcribed Image Text:A partial alphabetized list of adjusted account balances is shown for Dover Pacific Tours as at November 30, 2020 (all accounts have
normal balances). Pat Dover, the owner, uses the following account classification system:
101-149 Current assets
150-169 Property, plant, and equipment
170-189 Intangible assets
190-199 Non-current investments
201-249 Current liabilities
250-299 Non-current liabilities
Adjusted Account
Balance
Acct. NG.
Account Title
$ 44,500
19,700
4,800
16,500
7,900
9,700
14,700
201
Accounts payable
106
Accounts receivable
Accumulated depreciation, office furniture
Accumulated depreciation, vehicles
Cash
155
153
101
Copyright
Current notes payable
172
240
23,000
270
Non-current notes payable
21,900
195
Notes receivable?
7,900
154
Office furniture
Prepaid insurance
Prepaid rent
Salaries payable
Supplies
Unearned touring revenue
5,300
9,700
12,800
2,600
23,700
67,500
110
112
205
118
206
152
Vehicles
$10,700 of this non-current note payable is to be paid by November 30, 2021.
Z58,200 of the notes receivable is to be collected by November 30, 2021.
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
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