Business
Business, 10.02.2020 22:27, aschultz

The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year).

KORVER SUPPLY COMPANY

Balance Sheet

At December 31, 2020

Assets

Cash$160,000

Accounts receivable 320,000

Inventory 270,000

Furniture and fixtures (net) 180,000

Total assets$930,000

Liabilities and Shareholders’ Equity

Accounts payable (for merchandise)$270,000

Notes payable 280,000

Interest payable 7,000

Common stock 110,000

Retained earnings 263,000

Total liabilities and shareholders’ equity$930,000

Transactions during 2021 (current year) were as follows:

1.Sales to customers on account$930,000

2.Cash collected from customers 910,000

3.Purchase of merchandise on account 620,000

4.Cash payment to suppliers 630,000

5.Cost of merchandise sold 570,000

6.Cash paid for operating expenses 290,000

7.Cash paid for interest on notes 14,000

Additional Information:

The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 5% is payable annually on June 30. Depreciation on the furniture and fixtures for 2021 is $33,000. The furniture and fixtures originally cost $430,000.

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 depreciation are shown separately. (Amounts to be deducted should be indicated by a minus sign.)

answer
Answers: 1

Other questions on the subject: Business

image
Business, 21.06.2019 22:10, angellynn581
3. now assume that carnival booked lady antebellum in december 2016 to perform on the june 2017 western caribbean cruise. further assume that carnival pays lady antebellum its entire performance fee of $52,000 on december 28, 2016, for the june 2017 cruise. what journal entry will carnival make on december 28, 2016, for its payment to lady antebellum?
Answers: 1
image
Business, 22.06.2019 08:00, connermichaela
Who is not spending wisely? erika goes shopping and saves her receipts. she totals how much she spent and writes it down. mia needs to buy a new pair of shoes because she joined the soccer team. she looks at newspaper ads to find the best price. lauren has been thinking about getting a puppy for a long time. she walks by the pet store at the mall and decides to get a puppy. erin makes a purchase online using a credit card. she knows that she can pay the entire bill when it arrives.
Answers: 2
image
Business, 22.06.2019 14:50, QuarkyFermion
Pear co.’s income statement for the year ended december 31, as prepared by pear’s controller, reported income before taxes of $125,000. the auditor questioned the following amounts that had been included in income before taxes: equity in earnings of cinn co. $ 40,000 dividends received from cinn 8,000 adjustments to profits of prior years for arithmetical errors in depreciation (35,000) pear owns 40% of cinn’s common stock, and no acquisition differentials are relevant. pear’s december 31 income statement should report income before taxes of
Answers: 3
image
Business, 22.06.2019 19:00, Anonymouslizard
All of the following led to the collapse of the soviet economy except a. a lack of worker incentives. c. inadequate supply of consumer goods. b. a reliance on production quotas. d. the introduction of a market economy.
Answers: 1
Do you know the correct answer?
The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year).
...

Questions in other subjects:

Konu
Chemistry, 26.05.2021 19:40
Konu
Mathematics, 26.05.2021 19:40