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 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

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 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 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

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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