CH APTER 4 Completing the Accounting Cycle and Classifying A

CH APTER 4 Completing the Accounting Cycle and Classifying Accounts ise 4-15 Preparing a classifled balance sheet L06 Help Me SOLVE IT CHECK FIGURE: Total assets - $122,150 l alphabetized list of adjusted account balances for Dover Pacific Tours as at November 30, 2017 nt classifi- shown (all accounts have normal balances). Pat Dover, the owner, uses the following accou cation 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 Noncurrent liabilities Acct. No. Account Title Adjusted Account Balance 201 Accounts payable. 106 Accounts receivable. 155 Accumulated depreciation, office furniture.. 153 Accumulated depreciation, vehicles 101 Cash 172 Copyright... 240 Notes payable 270 Notes payable1 195 Notes receivable2. 154 Office furniture.. 110 Prepaid insurance 112 Prepaid rentr 205 Salaries payable 118 Supplies.... 206 Unearned touring revenue.... 152 Vehicles.. $41,000 19,000 4,100 15,800 7,200 9,000 14,000 21,600- 20,500 6,500 4,600 9,000 12,100 2.250 23,000 64,000 $10,000 of this note payable is to be paid by November 30, 2018. 2$7,500 of the notes receivable is to be collected by November 30, 2018. Required Prepare a classified balance sheet.

Solution

Balance Sheet: Assets: Current assets: Cash 7200 Accounts receivable 19000 Supplies 2250 Prepaid insurancce 4600 Prepaid rent 9000 Notes receivable 7500 Total Current assets 49550 Non Current investment Notes receivable 13000 Property plant and equipment Furniture 6500 Less: Accumulated dep 4100 2400 Vehicles 64000 Less: Accumulated Dep 15800 48200 Intangibles Copyright 9000 Total Assets 122150 Liabilities: Current liabilities: Accounts payable 41000 Notes payable 10000 Salaries payable 12100 Unearned Touring revenue 23000 Total Current liabilities 86100 Long termm liabilities Notes payable 11600 Notes payable 14000 25600 Total Liabilities 111700 Equity 10450 Total liabilities and Equity 122150