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Required: Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 and the additional Information. The cost of furniture and fixtures and their accumulated depreclation are shown separately. (Amounts to be deducted should be Indicated by a minus sign.) KORVER SUPPLY COMPANY Balance Sheet

Required: Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 and the additional Information. The cost of furniture and fixtures and their accumulated depreclation are shown separately. (Amounts to be deducted should be Indicated by a minus sign.) KORVER SUPPLY COMPANY Balance Sheet

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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Required: Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 and the additional Informatlon. The cost of furniture and fixtures and their accumulated depreclation are shown separately. (Amounts to be deducted should be Indicated by a minus sign.) KORVER SUPPLY COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Total current assets Property, plant, and equipment Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity
Transcribed Image Text:Required: Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 and the additional Informatlon. The cost of furniture and fixtures and their accumulated depreclation are shown separately. (Amounts to be deducted should be Indicated by a minus sign.) KORVER SUPPLY COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Total current assets Property, plant, and equipment Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity
The following Is he balance sheet of Korver Supply Company at December 31, 2020 (prior year). KORVER SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash Accounts receivable $120, 000 300, 000 200, 000 150, 000 $770, 000 Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for merchandise) Notes payable Interest payable Common stock Retained earnings $190, 000 200, 000 6,000 100, 000 274,000 $770, 000 Total liabilities and shareholders' equity Transactions during 2021 (current year) were as follows: 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of merchandise on account 4. Cash payment to suppliers 5. Cost of merchandise sold 6. Cash paid for operating expenses 7. Cash paid for interest on notes $800, e00 780, e00 550,e00 560, ee0 500, e00 160, e00 12,e00 Additional Information: The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 6% Is payable annually on June 30. Depreclation on the furniture and fixtures for 2021 is $20,000. The furniture and fixtures originally cost $300,000.
Transcribed Image Text:The following Is he balance sheet of Korver Supply Company at December 31, 2020 (prior year). KORVER SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash Accounts receivable $120, 000 300, 000 200, 000 150, 000 $770, 000 Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for merchandise) Notes payable Interest payable Common stock Retained earnings $190, 000 200, 000 6,000 100, 000 274,000 $770, 000 Total liabilities and shareholders' equity Transactions during 2021 (current year) were as follows: 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of merchandise on account 4. Cash payment to suppliers 5. Cost of merchandise sold 6. Cash paid for operating expenses 7. Cash paid for interest on notes $800, e00 780, e00 550,e00 560, ee0 500, e00 160, e00 12,e00 Additional Information: The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 6% Is payable annually on June 30. Depreclation on the furniture and fixtures for 2021 is $20,000. The furniture and fixtures originally cost $300,000.
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