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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please do not give image format
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:
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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