I am having trouble with my homework 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: $fill in the blank 2 fill in the blank 4 fill in the blank 6 $fill in the blank 8 fill in the blank 10 fill in the blank 11 fill in the blank 13 fill in the blank 15 fill in the blank 17 fill in the blank 19 Total current assets $fill in the blank 20 Property, plant, and equipment: $fill in the blank 22 $fill in the blank 24 fill in the blank 26 fill in the blank 27 $fill in the blank 29 fill in the blank 31 fill in the blank 32 $fill in the blank 34 fill in the blank 36 fill in the blank 37 $fill in the blank 39 fill in the blank 41 fill in the blank 42 Total property, plant, and equipment fill in the blank 43 Intangible assets: fill in the blank 45 Total assets $fill in the blank 46 Liabilities Current liabilities: $fill in the blank 48 fill in the blank 50 fill in the blank 52 fill in the blank 54 fill in the blank 56 fill in the blank 58 fill in the blank 60 fill in the blank 62 fill in the blank 64 fill in the blank 66 fill in the blank 68 Total current liabilities $fill in the blank 69 Long-term liabilities: $fill in the blank 71 fill in the blank 73 fill in the blank 75 Total long-term liabilities fill in the blank 76 Total liabilities $fill in the blank 77 Owner's Equity fill in the blank 79 Total liabilities and owner's equity $fill in the blank 80

I am having trouble with my homework 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: $fill in the blank 2 fill in the blank 4 fill in the blank 6 $fill in the blank 8 fill in the blank 10 fill in the blank 11 fill in the blank 13 fill in the blank 15 fill in the blank 17 fill in the blank 19 Total current assets $fill in the blank 20 Property, plant, and equipment: $fill in the blank 22 $fill in the blank 24 fill in the blank 26 fill in the blank 27 $fill in the blank 29 fill in the blank 31 fill in the blank 32 $fill in the blank 34 fill in the blank 36 fill in the blank 37 $fill in the blank 39 fill in the blank 41 fill in the blank 42 Total property, plant, and equipment fill in the blank 43 Intangible assets: fill in the blank 45 Total assets $fill in the blank 46 Liabilities Current liabilities: $fill in the blank 48 fill in the blank 50 fill in the blank 52 fill in the blank 54 fill in the blank 56 fill in the blank 58 fill in the blank 60 fill in the blank 62 fill in the blank 64 fill in the blank 66 fill in the blank 68 Total current liabilities $fill in the blank 69 Long-term liabilities: $fill in the blank 71 fill in the blank 73 fill in the blank 75 Total long-term liabilities fill in the blank 76 Total liabilities $fill in the blank 77 Owner's Equity fill in the blank 79 Total liabilities and owner's equity $fill in the blank 80

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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I am having trouble with my homework

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:
		$fill in the blank 2
		fill in the blank 4
		fill in the blank 6
	$fill in the blank 8
	fill in the blank 10	fill in the blank 11
		fill in the blank 13
		fill in the blank 15
		fill in the blank 17
		fill in the blank 19
Total current assets			$fill in the blank 20
Property, plant, and equipment:
		$fill in the blank 22
	$fill in the blank 24
	fill in the blank 26	fill in the blank 27
	$fill in the blank 29
	fill in the blank 31	fill in the blank 32
	$fill in the blank 34
	fill in the blank 36	fill in the blank 37
	$fill in the blank 39
	fill in the blank 41	fill in the blank 42
Total property, plant, and equipment			fill in the blank 43
Intangible assets:
			fill in the blank 45
Total assets			$fill in the blank 46

Liabilities
Current liabilities:
		$fill in the blank 48
		fill in the blank 50
		fill in the blank 52
		fill in the blank 54
		fill in the blank 56
		fill in the blank 58
		fill in the blank 60
		fill in the blank 62
		fill in the blank 64
		fill in the blank 66
		fill in the blank 68
Total current liabilities			$fill in the blank 69
Long-term liabilities:
		$fill in the blank 71
		fill in the blank 73
		fill in the blank 75
Total long-term liabilities			fill in the blank 76
Total liabilities			$fill in the blank 77

Owner's Equity
			fill in the blank 79
Total liabilities and owner's equity			$fill in the blank 80

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