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 | $ | 125,000 | |
Accounts receivable | 340,000 | ||
Inventory | 290,000 | ||
Furniture and fixtures (net) | 155,000 | ||
Total assets | $ | 910,000 | |
Liabilities and Shareholders’ Equity | |||
Accounts payable (for merchandise) | $ | 270,000 | |
Notes payable | 280,000 | ||
Interest payable | 7,000 | ||
Common stock | 120,000 | ||
Retained earnings | 233,000 | ||
Total liabilities and shareholders’ equity | $ | 910,000 | |
Transactions during 2021 (current year) were as follows:
1. | Sales to customers on account | $ | 1,000,000 | |
2. | Cash collected from customers | 980,000 | ||
3. | Purchase of merchandise on account | 520,000 | ||
4. | Cash payment to suppliers | 530,000 | ||
5. | Cost of merchandise sold | 470,000 | ||
6. | Cash paid for operating expenses | 360,000 | ||
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 $40,000. The furniture and fixtures originally cost $500,000.
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.)
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The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year).
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 $125,000 Accounts receivable 340,000 Inventory 290,000 Furniture and fixtures (net) 155,000 Total assets $910,000 Liabilities and Shareholders' Equity Accounts payable (for merchandise) $270,000 Notes payable 280,000 Interest payable 7,000 Common stock 120,000 Retained earnings 233,000 Total liabilities and shareholders' equity $910,000 Transactions during 2021 (current year) were as follows: 1. Sales to customers...
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 Accounts receivable Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for merchandise) Notes payable Interest payable Common stock Retained earnings Total liabilities and shareholders' equity $185,000 320,000 270,000 205,000 $980,000 $ 250,000 260,000 7,800 100,000 362,200 $980,000 Transactions during 2021 (current year) were as follows: 1. Sales to...
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 $125,000 340,000 290,000 155,000 Cash Accounts receivable Inventory Furniture and fixtures (net) $910,000 Total assets Liabilities and Shareholders' Equity Accounts payable (for merchandise) Notes payable Interest payable Common stock $270,000 280,000 7,000 120,000 233,000 Retained earnings Total liabilities and shareholders' equity $910,000 Transactions during 2021 (current year) were as follows: 1. Sales to customers...
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...
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 $ 120,000 Accounts receivable 330,000 Inventory 280,000 Furniture and fixtures (net) 150,000 Total assets $ 880,000 Liabilities and Shareholders’ Equity Accounts payable (for merchandise) $ 260,000 Notes payable 270,000 Interest payable 10,800 Common stock 110,000 Retained earnings 229,200 Total liabilities and shareholders’ equity $ 880,000 Transactions during 2021 (current year) were as follows:...
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 $ 100,000 Accounts receivable 200,000 Inventory 150,000 Furniture and fixtures (net) 120,000 Total assets $ 570,000 Liabilities and Shareholders’ Equity Accounts payable (for merchandise) $ 150,000 Notes payable 160,000 Interest payable 4,000 Common stock 110,000 Retained earnings 146,000 Total liabilities and shareholders’ equity $ 570,000 Transactions during 2021 (current year) were as follows:...
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 Accounts receivable Inventory Furniture and fixtures (net) $ 105,000 210,000 160,000 125,000 $600,000 Total assets Liabilities and Shareholders' Equity Accounts payable (for merchandise) Notes payable Interest payable Common stock Retained earnings Total liabilities and shareholders' equity $ 160,000 170,000 5,100 120,000 144,900 $600,000 Transactions during 2021 (current year) were as follows: 1. 2....
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 Accounts receivable Inventory Furniture and fixtures (net) Total assets Liabilities and Shareholders' Equity Accounts payable (for merchandise) Notes payable Interest payable Common stock Retained earnings Total liabilities and shareholders' equity $170,000 340,000 290,000 190,000 $990,000 $ 290,000 300,000 10,500 130,000 259,500 $990,000 Transactions during 2021 (current year) were as follows: 1. Sales to...
The following is the balance sheet of Korver Supply Company at December 31, 2017. KORVER SUPPLY COMPANY Balance Sheet At December 31, 2017 Assets Cash $ 160,000 Accounts receivable 320,000 Inventories 270,000 Furniture and fixtures, net 180,000 Total assets $ 930,000 Liabilities and Shareholders’ Equity Accounts payable (for merchandise) $ 270,000 Note payable 280,000 Interest payable 7,000 Common stock 110,000 Retained earnings 263,000 Total liabilities and shareholders' equity $ 930,000 Transactions during 2018 were as follows: 1. Sales to customers...
The following is the balance sheet of Kobie Supply Company at December 31, 2020 (prior year). KObie SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash $ 120,000 Accounts receivable 330,000 Inventory 280,000 Furniture and fixtures (net) 150,000 Total assets $ 880,000 Liabilities and Shareholders’ Equity Accounts payable (for merchandise) $ 260,000 Notes payable 270,000 Interest payable 10,800 Common stock 110,000 Retained earnings 229,200 Total liabilities and shareholders’ equity $ 880,000 Transactions during 2021 (current year) were as follows:...