Required:Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 andthe additional Informatlon. The cost of furniture and fixtures and their accumulated depreclation are shown separately. (Amounts to bededucted should be Indicated by a minus sign.)KORVER SUPPLY COMPANYBalance SheetAt December 31, 2021AssetsCurrent assets:Total current assetsProperty, plant, and equipmentNet property, plant, and equipmentTotal assetsLiabilities and Shareholders' EquityCurrent liabilities:Total current liabilitiesShareholders' equity:Total shareholders' equityTotal liabilities and shareholders' equity The following Is he balance sheet of Korver Supply Company at December 31, 2020 (prior year).KORVER SUPPLY COMPANYBalance SheetAt December 31, 2020AssetsCashAccounts receivable$120, 000300, 000200, 000150, 000$770, 000InventoryFurniture and fixtures (net)Total assetsLiabilities and Shareholders' EquityAccounts payable (for merchandise)Notes payableInterest payableCommon stockRetained earnings$190, 000200, 0006,000100, 000274,000$770, 000Total liabilities and shareholders' equityTransactions during 2021 (current year) were as follows:1. Sales to customers on account2. Cash collected from customers3. Purchase of merchandise on account4. Cash payment to suppliers5. Cost of merchandise sold6. Cash paid for operating expenses7. Cash paid for interest on notes$800, e00780, e00550,e00560, ee0500, e00160, e0012,e00Additional 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.

The question is based on the concept of Financial Accounting.

Answered: Required: Prepare a classified balance…

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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Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?
Problem: On December 31, 2019, the ending inventory was overstated by P6,000. What is the adjusting entry at the end of 2019? What is the adjusting entry for 2020 if not adjusted during 2019? What are the accounts affected?
In the company’s interim income statement for the six months ended June 30, 2020, what total amount of expense relating to these items should be reported? Round UP your FINAL answers up to two decimal places.
Assume the following general ledger account balances for Xenon Inc. for December 31, 2019 Accumulated Depreciation 50,000 Building 70,000 Depreciation Expense 20,000 Equipment 53,000 Land 90,000 Unused Supplies 3,000 What is the carrying amount of the company’s plant and equipment section of thebalance sheet at December 31, 2019?
what accounts are included in the statement of cashflow?
In 2020, an accountant for SafeCo inadvertently deleted data related to the financial statements. The following information was able to be retrieved Account 12/31/2020 12/31/2019 Cash 200,000.00 250,000.00 Accounts Receivable Property Plant and Equipment 45,000.00 ? 200,000.00 90,000.00 300,000.00 Goodwill Accounts Payable Long Term Debt 235,000.00 200,000.00 200,000.00 300,000.00 Common Stock 30,000.00 Retained Earnings 200,000.00 20,000.00 1) All balances were normal. 2) No other accounts were presented. 3) Dividends were issued during the period for 30,000 4) After recording $30,000 in depreciation for the year, a $20,000 gain was noted when certain property was sold 5) The Goodwill was acquired through issuance of Common Stock Prepare a Statement of Cash Flows (using Indirect Method) for 2020.
You have been assigned to examine the financial statements of PC corp. for the year ended December 31, 2021, as prepared following IFRS. You discover the following situations: 1. Physical inventory count on Dec 31, 2021, improperly included merchandise costing $3,800 that had been sold but not delivered until Jan 5, 2022. PC uses a periodic inventory system. 2. Depreciation of $1,700 for 2021 on delivery vehicles was not recorded. 3. A collection of $4,600 on account from a customer received on Dec 31, 2021, was not recorded. 4. At the beginning of 2020, the company purchased equipment for $225,000 (residual value $22,500) and had a useful life of 6 years. The accountant used straight-line amortization but failed to deduct the residual value in the calculation of the depreciation for 2020 and 2021. Instructions: Prepare the required journal entries (if any) to correct PC accounts, assuming each transaction is independent and assuming 2021 books are not closed.
prepare journal entries of A - C

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