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KORVER SUPPLY COMPANY Balance Sheet At December 31, 2023 Assets Cash Accounts receivable Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for inventory) Notes payable Interest payable Common stock Retained earnings Total liabilities and shareholders' equity Transactions during 2024 (current year) were as follows: 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of inventory on account 4. Cash payment to suppliers 5. Cost of inventory sold 6. Cash paid for operating expenses 7. Cash paid for interest on notes $ 810,000 790,000 500,000 510,000 450,000 170,000 8,000 $ 100,000 200,000 150,000 120,000 $ 570,000 $ 150,000 160,000 4,000 110,000 146,000 $ 570,000 Additional Information: The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 5% is payable annually on June 30 Depreciation on the furniture and fixtures for 2024 is $21,000. The furniture and fixtures originally cost $310,000.

KORVER SUPPLY COMPANY Balance Sheet At December 31, 2023 Assets Cash Accounts receivable Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for inventory) Notes payable Interest payable Common stock Retained earnings Total liabilities and shareholders' equity Transactions during 2024 (current year) were as follows: 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of inventory on account 4. Cash payment to suppliers 5. Cost of inventory sold 6. Cash paid for operating expenses 7. Cash paid for interest on notes $ 810,000 790,000 500,000 510,000 450,000 170,000 8,000 $ 100,000 200,000 150,000 120,000 $ 570,000 $ 150,000 160,000 4,000 110,000 146,000 $ 570,000 Additional Information: The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 5% is payable annually on June 30 Depreciation on the furniture and fixtures for 2024 is $21,000. The furniture and fixtures originally cost $310,000.

FINANCIAL ACCOUNTING
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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KORVER SUPPLY COMPANY Balance Sheet At December 31, 2023 Assets Cash Accounts receivable Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for inventory) Notes payable Interest payable Common stock Retained earnings Total liabilities and shareholders' equity Transactions during 2024 (current year) were as follows: 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of inventory on account 4. Cash payment to suppliers 5. Cost of inventory sold 6. Cash paid for operating expenses 7. Cash paid for interest on notes $ 810,000 790,000 500,000 510,000 450,000 170,000 8,000 $ 100,000 200,000 150,000 120,000 $ 570,000 $ 150,000 160,000 4,000 110,000 146,000 $ 570,000 Additional Information: The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 5% is payable annually on June 30. Depreciation on the furniture and fixtures for 2024 is $21,000. The furniture and fixtures originally cost $310,000. Required:
Transcribed Image Text:KORVER SUPPLY COMPANY Balance Sheet At December 31, 2023 Assets Cash Accounts receivable Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for inventory) Notes payable Interest payable Common stock Retained earnings Total liabilities and shareholders' equity Transactions during 2024 (current year) were as follows: 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of inventory on account 4. Cash payment to suppliers 5. Cost of inventory sold 6. Cash paid for operating expenses 7. Cash paid for interest on notes $ 810,000 790,000 500,000 510,000 450,000 170,000 8,000 $ 100,000 200,000 150,000 120,000 $ 570,000 $ 150,000 160,000 4,000 110,000 146,000 $ 570,000 Additional Information: The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 5% is payable annually on June 30. Depreciation on the furniture and fixtures for 2024 is $21,000. The furniture and fixtures originally cost $310,000. Required:
Required: Prepare a classified balance sheet at December 31, 2024, by updating ending balances from 2023 for transactions during 2024 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign. Current assets: Total current assets Property, plant, and equipment: KORVER SUPPLY COMPANY Balance Sheet At December 31, 2024 Assets Net property, plant, and equipment Total assets Current liabilities: Liabilities and Shareholders' Equity Show Transcribed Text Current liabilities: Net property, plant, and equipment Total assets Total current liabilities Shareholders' equity: $ Total shareholders' equity Total liabilities and shareholders' equity 0 0 0 Liabilities and Shareholders' Equity $ $ 0 0 0 0 0
Transcribed Image Text:Required: Prepare a classified balance sheet at December 31, 2024, by updating ending balances from 2023 for transactions during 2024 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. Note: Amounts to be deducted should be indicated by a minus sign. Current assets: Total current assets Property, plant, and equipment: KORVER SUPPLY COMPANY Balance Sheet At December 31, 2024 Assets Net property, plant, and equipment Total assets Current liabilities: Liabilities and Shareholders' Equity Show Transcribed Text Current liabilities: Net property, plant, and equipment Total assets Total current liabilities Shareholders' equity: $ Total shareholders' equity Total liabilities and shareholders' equity 0 0 0 Liabilities and Shareholders' Equity $ $ 0 0 0 0 0
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