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
icon
Related questions
Question

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 Company
Post-Closing Trial Balance
December 31, 20Y8
  Debit
Balances
  Credit
Balances
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

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Fund accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning