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Using the following information provided below prepare a statement of retained earnings of Nanaimo Hotels Inc. as of November 30, 2020, and a classified balance sheet for the year ending November 30, 2020. Cash Accumulated depreciation, Furniture, and equipment Notes payable (short-term) Accounts payable Allowance for doubtful accounts Customers' deposits Common shares Sales General and admin. Expenses Interest expense Departmental expenses Income tax expense $6,000 6,000 Short-term investments Food inventory Accounts receivables Beverage inventory Prepaid expenses Furniture and equipment |China, glassware, and uniforms Franchises Long-term receivables Retained Earnings (2019) 10,000 12,000 4,000 7,000 2,000 40,000 2,000 6,000 8,000 20,000 20,000 8,000 2,000 1,000 23,000 120,000 56,000 2,000 40,000 6,600 Note: The company declared $5,000 dividends for 2020.

Using the following information provided below prepare a statement of retained earnings of Nanaimo Hotels Inc. as of November 30, 2020, and a classified balance sheet for the year ending November 30, 2020. Cash Accumulated depreciation, Furniture, and equipment Notes payable (short-term) Accounts payable Allowance for doubtful accounts Customers' deposits Common shares Sales General and admin. Expenses Interest expense Departmental expenses Income tax expense $6,000 6,000 Short-term investments Food inventory Accounts receivables Beverage inventory Prepaid expenses Furniture and equipment |China, glassware, and uniforms Franchises Long-term receivables Retained Earnings (2019) 10,000 12,000 4,000 7,000 2,000 40,000 2,000 6,000 8,000 20,000 20,000 8,000 2,000 1,000 23,000 120,000 56,000 2,000 40,000 6,600 Note: The company declared $5,000 dividends for 2020.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Using the following information provided below prepare a statement of retained earnings of Nanaimo Hotels Inc. as of November 30, 2020, and a classified balance sheet for the year ending November 30, 2020. Accumulated depreciation, Furniture, and equipment Notes payable (short-term) Accounts payable Allowance for doubtful accounts Customers' deposits Common shares Sales General and admin. Expenses Interest expense Departmental expenses Income tax expense Cash $6,000 6,000 Short-term investments Food inventory Accounts receivables Beverage inventory Prepaid expenses Furniture and equipment China, glassware, and uniforms Franchises Long-term receivables Retained Earnings (2019) 10,000 12,000 4,000 7,000 2,000 40,000 2,000 6,000 8,000 20,000 20,000 8,000 2,000 1,000 23,000 120,000 56,000 2,000 40,000 6,600 Note: The company declared $5,000 dividends for 2020.
Transcribed Image Text:Using the following information provided below prepare a statement of retained earnings of Nanaimo Hotels Inc. as of November 30, 2020, and a classified balance sheet for the year ending November 30, 2020. Accumulated depreciation, Furniture, and equipment Notes payable (short-term) Accounts payable Allowance for doubtful accounts Customers' deposits Common shares Sales General and admin. Expenses Interest expense Departmental expenses Income tax expense Cash $6,000 6,000 Short-term investments Food inventory Accounts receivables Beverage inventory Prepaid expenses Furniture and equipment China, glassware, and uniforms Franchises Long-term receivables Retained Earnings (2019) 10,000 12,000 4,000 7,000 2,000 40,000 2,000 6,000 8,000 20,000 20,000 8,000 2,000 1,000 23,000 120,000 56,000 2,000 40,000 6,600 Note: The company declared $5,000 dividends for 2020.
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