5 The following is the balance sheet of Korver Supply Company at December 31, 2023 (prior...

Transcribed Image Text:

5 The following is the balance sheet of Korver Supply Company at December 31, 2023 (prior year). 66 nts Cash Skipped Accounts receivable KORVER SUPPLY COMPANY Balance Sheet At December 31, 2023 Assets $ 120,000 300,000 Inventory Furniture and fixtures (net) Total assets eBook Liabilities and Shareholders' Equity Accounts payable (for inventory) Ask Notes payable Print Interest payable Common stock eferences 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 12,000 200,000 150,000 $ 770,000 $ 190,000 200,000 6,000 100,000 274,000 $ 770,000 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 Additional Information: $800,000 780,000 550,000 560,000 500,000 160,000 12,000 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. KORVER SUPPLY COMPANY Balance Sheet At December 31, 2024 Assets Current assets < Prev 5 of 6 Next > Total current assets Property, plant, and equipment: Net property, plant, and equipment Total assets Current liabilities: 0 0 $ 0 Liabilities and Shareholders' Equity Total current liabilities Shareholders' equity: 0 Total shareholders' equity 0 Total liabilities and shareholders' equity $ 0 5 The following is the balance sheet of Korver Supply Company at December 31, 2023 (prior year). 66 nts Cash Skipped Accounts receivable KORVER SUPPLY COMPANY Balance Sheet At December 31, 2023 Assets $ 120,000 300,000 Inventory Furniture and fixtures (net) Total assets eBook Liabilities and Shareholders' Equity Accounts payable (for inventory) Ask Notes payable Print Interest payable Common stock eferences 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 12,000 200,000 150,000 $ 770,000 $ 190,000 200,000 6,000 100,000 274,000 $ 770,000 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 Additional Information: $800,000 780,000 550,000 560,000 500,000 160,000 12,000 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. KORVER SUPPLY COMPANY Balance Sheet At December 31, 2024 Assets Current assets < Prev 5 of 6 Next > Total current assets Property, plant, and equipment: Net property, plant, and equipment Total assets Current liabilities: 0 0 $ 0 Liabilities and Shareholders' Equity Total current liabilities Shareholders' equity: 0 Total shareholders' equity 0 Total liabilities and shareholders' equity $ 0