1.) Based on the following information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year.

The merchandise inventory is stated at cost by the LIFO method.

The product warranty payable is a current liability.

Vacation pay payable:

Current liability $5,100

Long-term liability $2,400

The unfunded pension liability is a long-term liability.

Notes payable:

Current Liability $50,000

Long-term liability $450,000

Gampfer Company

Post-Closing Trial Balance

December 31,2012

..........................................................................Debit Balances ............ Credit Balances

Petty Cash $3,200

Cash. $174,400

Notes Receivable.. $64,000

Accounts Receivable $336,000

Allowance for Doubtful Accounts........................................... $11,520

Merchandise Inventory. $ 230,000

Interest Receivable... $ 800

Prepaid Insurance. $ 32,600

Office Supplies.. $ 9,600

Land $ 470,400

Buildings $ 650,000

Accumulated Depreciation-Buildings ..........................................$26,000

Office Equipment.. $176,000

Accumulated Depreciation-Office Equipment ........................................$32,000

Sore Equipment.. $ 80,000

Accumulated Depreciation- Store Equipment .........................................$ 3,600

Mineral Rights. $390,000

Accumulated Depletion............................................ $23,040

Patents $ 30,000

Social Security Tax Payable ...........................................$13,513

Medicare Tax Payable.. ............................................$ 3,378

Employees Federal Income Tax Payable. .............................................$28,090

State Unemployment Tax Payable.... .............................................$ 40

Federal Unemployment Tax Payable .............................................$ 200

Salaries Payable................................................ $112,612

Accounts Payable.............................................. $224,000

Interest Payable............................................. $ 20,207

Product Warranty Payable............................................... $ 40,500

Vacation Pay Payable.............................................. $ 7,500

Unfunded Pension Liability.............................................. $ 36,160

Notes Payable.............................................. $500,000

J. Gampfer, Capital........................................... $1,564,640

..............................................................................$2,550,840.................$2,550,840