Question: PLEASE COMPLETE THIS PROBLEM USING THAT SAME EXACT TABLES I PROVIDED BELOW!!! Comprehensive Problem 3 Part 5: Note: You must complete parts 1, 2, 3,
PLEASE COMPLETE THIS PROBLEM USING THAT SAME EXACT TABLES I PROVIDED BELOW!!!
Comprehensive Problem 3 Part 5:
Note: You must complete parts 1, 2, 3, and 4 of this comprehensive problem before completing part 5.
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 DepreciationBuildings | 36,000 | ||
| Office Equipment | 246,000 | ||
| Accumulated DepreciationOffice Equipment | 44,000 | ||
| Store Equipment | 112,000 | ||
| Accumulated DepreciationStore 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 | ||
Enter all amounts as positive numbers.
| Kornett Company Balance Sheet December 31, 20Y8 | |||
|---|---|---|---|
| Assets | |||
| Current assets: | |||
| $ | |||
| $ | |||
| Total current assets | $ | ||
| Property, plant and equipment: | |||
| $ | |||
| $ | |||
| $ | |||
| $ | |||
| $ | |||
| Total property, plant and equipment | $ | ||
| Intangible assets: | |||
| $ | |||
| Total assets | $ | ||
| Liabilities | |||
| Current liabilities: | |||
| $ | |||
| Total current liabilities | $ | ||
| Long-term liabilities: | |||
| $ | |||
| Total long-term liabilities | |||
| Total liabilities | $ | ||
| Owner's Equity | |||
| Total liabilities and owner's equity | $ | ||
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