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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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