The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 5% is payable annually on June 30. Depreciation on the furniture and fixtures for 2024 is $29,000. The furniture and fixtures originally cost $390,000. Required: Prepare a classified balance sheet at December 31, 2024, by updating ending balances from 2023 for transactions during 2024 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign. Current assets: Cash Accounts receivable Inventory Total current assets Property, plant, and equipment: Furniture and fixtures Accumulated depreciation Net property, plant, and equipment Total assets Current liabilities: Accounts payable Interest payable Notes payable KORVER SUPPLY COMPANY Balance Sheet At December 31, 2024 Assets Total current liabilities Shareholders' equity: Common stock Retained earnings Liabilities and Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity $ $ 0 0 0 0 0

The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 5% is payable annually on June 30. Depreciation on the furniture and fixtures for 2024 is $29,000. The furniture and fixtures originally cost $390,000. Required: Prepare a classified balance sheet at December 31, 2024, by updating ending balances from 2023 for transactions during 2024 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign. Current assets: Cash Accounts receivable Inventory Total current assets Property, plant, and equipment: Furniture and fixtures Accumulated depreciation Net property, plant, and equipment Total assets Current liabilities: Accounts payable Interest payable Notes payable KORVER SUPPLY COMPANY Balance Sheet At December 31, 2024 Assets Total current liabilities Shareholders' equity: Common stock Retained earnings Liabilities and Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity $ $ 0 0 0 0 0

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 9P: At the end of 2020, while auditing Sandlin Companys books, before the books have been closed, you...

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