The following is the balance sheet of Korver Supply Company at December 31, 2010. The note payable

Question:

The following is the of Korver Supply Company at December 31, 2010.

The note payable is dated June 30, 2010 and is due on June 30, 2012. Interest at 6% is payable annually on June 30. Depreciation on the furniture and fixtures for the year is $20,000. The furniture and fixtures originally cost $300,000.

Required:
Prepare a classified at December 21, 2011.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...