FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following is the balance sheet of Korver Supply Company at December 31, 2023 (prior year). 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 $ 800,000 780,000 550,000 560,000 500,000 160,000 12,000 $ 120,000 300,000 200,000 150,000 $ 770,000 $ 190,000 200,000 6,000 100,000 274,000 $ 770,000 Additional Information: The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 6% is payable annually on June 30. Depreciation on the furniture and fixtures for 2024 is $20,000. The furniture and fixtures originally cost $300,000. 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.
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Transcribed Image Text:The following is the balance sheet of Korver Supply Company at December 31, 2023 (prior year). 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 $ 800,000 780,000 550,000 560,000 500,000 160,000 12,000 $ 120,000 300,000 200,000 150,000 $ 770,000 $ 190,000 200,000 6,000 100,000 274,000 $ 770,000 Additional Information: The notes payable are dated June 30, 2023, and are due on June 30, 2025. Interest at 6% is payable annually on June 30. Depreciation on the furniture and fixtures for 2024 is $20,000. The furniture and fixtures originally cost $300,000. 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.
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