Based on the following information and the post-closing trial balance that follows, 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 Long-term liability $7,140 3,360 The unfunded pension liability is a long-term liability. Notes payable: Current liability $ 70,000 Long-term liability 630,000 Petty Cash Cash Kornett Company Post-Closing Trial Balance December 31, 20Y5 Account Title Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Inventory Interest Receivable Prepaid Insurance Office Supplies Land Buildings Accumulated Depreciation-Buildings Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Mineral Rights Accumulated Depletion Debit Balances Credit Balances 4,500 243,960 100,000 470,000 320,000 1,875 45,640 13,400 654,925 900,000 246,000 112,000 546,000 16,000 36,000 44,000 5,000 30,000

Based on the following information and the post-closing trial balance that follows, 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 Long-term liability $7,140 3,360 The unfunded pension liability is a long-term liability. Notes payable: Current liability $ 70,000 Long-term liability 630,000 Petty Cash Cash Kornett Company Post-Closing Trial Balance December 31, 20Y5 Account Title Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Inventory Interest Receivable Prepaid Insurance Office Supplies Land Buildings Accumulated Depreciation-Buildings Office Equipment Accumulated Depreciation-Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Mineral Rights Accumulated Depletion Debit Balances Credit Balances 4,500 243,960 100,000 470,000 320,000 1,875 45,640 13,400 654,925 900,000 246,000 112,000 546,000 16,000 36,000 44,000 5,000 30,000

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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