I am not sure how to put this balance sheet together? Based on the following information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year. The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability $7,140 Long-term liability 3,360 The unfunded pension liability is a long-term liability. Notes payable: Current liability $70,000 Long-term liability 630,000 Kornett CompanyPost-Closing Trial BalanceDecember 31, 20Y8 DebitBalances CreditBalances Petty Cash 4,500 Cash 243,960 Notes Receivable 100,000 Accounts Receivable 470,000 Allowance for Doubtful Accounts 16,000 Merchandise Inventory 320,000 Interest Receivable 1,875 Prepaid Insurance 45,640 Office Supplies 13,390 Land 654,925 Buildings 900,000 Accumulated Depreciation—Buildings 36,000 Office Equipment 246,000 Accumulated Depreciation—Office Equipment 44,000 Store Equipment 112,000 Accumulated Depreciation—Store Equipment 5,000 Mineral Rights 546,000 Accumulated Depletion 30,000 Patents 42,000 Social Security Tax Payable 25,470 Medicare Tax Payable 4,710 Employees Federal Income Tax Payable 40,000 State Unemployment Tax Payable 270 Federal Unemployment Tax Payable 30 Salaries Payable 157,000 Accounts Payable 131,600 Interest Payable 28,000 Product Warranty Payable 76,000 Vacation Pay Payable 10,500 Unfunded Pension Liability 50,700 Notes Payable 700,000 J. Kornett, Capital 2,345,010 3,700,290 3,700,290
I am not sure how to put this balance sheet together? Based on the following information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year. The merchandise inventory is stated at cost by the LIFO method. The product warranty payable is a current liability. Vacation pay payable: Current liability $7,140 Long-term liability 3,360 The unfunded pension liability is a long-term liability. Notes payable: Current liability $70,000 Long-term liability 630,000 Kornett CompanyPost-Closing Trial BalanceDecember 31, 20Y8 DebitBalances CreditBalances Petty Cash 4,500 Cash 243,960 Notes Receivable 100,000 Accounts Receivable 470,000 Allowance for Doubtful Accounts 16,000 Merchandise Inventory 320,000 Interest Receivable 1,875 Prepaid Insurance 45,640 Office Supplies 13,390 Land 654,925 Buildings 900,000 Accumulated Depreciation—Buildings 36,000 Office Equipment 246,000 Accumulated Depreciation—Office Equipment 44,000 Store Equipment 112,000 Accumulated Depreciation—Store Equipment 5,000 Mineral Rights 546,000 Accumulated Depletion 30,000 Patents 42,000 Social Security Tax Payable 25,470 Medicare Tax Payable 4,710 Employees Federal Income Tax Payable 40,000 State Unemployment Tax Payable 270 Federal Unemployment Tax Payable 30 Salaries Payable 157,000 Accounts Payable 131,600 Interest Payable 28,000 Product Warranty Payable 76,000 Vacation Pay Payable 10,500 Unfunded Pension Liability 50,700 Notes Payable 700,000 J. Kornett, Capital 2,345,010 3,700,290 3,700,290
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section: Chapter Questions
Problem 1AP
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I am not sure how to put this
Based on the following information and the post-closing
The merchandise inventory is stated at cost by the LIFO method. | |
The product warranty payable is a current liability. | |
Vacation pay payable: | |
Current liability | $7,140 |
Long-term liability | 3,360 |
The unfunded pension liability is a long-term liability. | |
Notes payable: | |
Current liability | $70,000 |
Long-term liability | 630,000 |
Kornett Company Post-Closing Trial Balance December 31, 20Y8 |
|||
Debit Balances |
Credit Balances |
||
Petty Cash | 4,500 | ||
Cash | 243,960 | ||
Notes Receivable | 100,000 | ||
470,000 | |||
Allowance for Doubtful Accounts | 16,000 | ||
Merchandise Inventory | 320,000 | ||
Interest Receivable | 1,875 | ||
Prepaid Insurance | 45,640 | ||
Office Supplies | 13,390 | ||
Land | 654,925 | ||
Buildings | 900,000 | ||
36,000 | |||
Office Equipment | 246,000 | ||
Accumulated Depreciation—Office Equipment | 44,000 | ||
Store Equipment | 112,000 | ||
Accumulated Depreciation—Store Equipment | 5,000 | ||
Mineral Rights | 546,000 | ||
Accumulated Depletion | 30,000 | ||
Patents | 42,000 | ||
Social Security Tax Payable | 25,470 | ||
Medicare Tax Payable | 4,710 | ||
Employees Federal Income Tax Payable | 40,000 | ||
State |
270 | ||
Federal Unemployment Tax Payable | 30 | ||
Salaries Payable | 157,000 | ||
Accounts Payable | 131,600 | ||
Interest Payable | 28,000 | ||
Product Warranty Payable | 76,000 | ||
Vacation Pay Payable | 10,500 | ||
Unfunded Pension Liability | 50,700 | ||
Notes Payable | 700,000 | ||
J. Kornett, Capital | 2,345,010 | ||
3,700,290 | 3,700,290 |
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