Comprehensive Problem 3 Part 5: Note: You must complete parts 1, 2, 3, and 4 of this comprehensive problem before completing part 5 Based on the following information and the post-closing trial balance that follows, 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 $7,140 Long-term liability 3,360 The unfunded pension liability is a long-term liability. Notes payable: Current liability $ 70,000 Long-term liability 630,000 Kornett Company Post-Closing Trial Balance December 31, 2015 Account Title Debit Balances Credit Balances Petty Cash 4,500 Cash 243,960 Notes Receivable 100,000 Accounts Receivable 470,000 Allowance for Doubtful Accounts Inventory 16,000 320,000 Interest Receivable 1,875 Prepaid Insurance Office Supplies 45,640 Land 13,400 654,925 900,000 36,000 Buildings Accumulated Depreciation-Buildings Office Equipment Accumulated Depreciation - Office Equipment Store Equipment 246,000 44,000 112,000 5,000 Accumulated Depreciation-Store Equipment 546,000 Mineral Rights Accumulated Depletion 30,000 42,000 25,470 4,710 40,000 Patents Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Salaries Payable Accounts Payable 270 40 157,000 131,600 Interest Payable 28,000 Product Warranty Payable Vacation Pay Payable Unfunded Pension Liability Notes Payable Common Stock Retained Earnings 76,000 10,500 50,700 700,000 500,000 1,845,010 3,700,300 3,700,300 Kornett Company Balance Sheet December 31, 2015 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Intangible assets: Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Stockholders' Equity Long-term liabilities: Total long-term liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Comprehensive Problem 3 Part 5: Note: You must complete parts 1, 2, 3, and 4 of this comprehensive problem before completing part 5 Based on the following information and the post-closing trial balance that follows, 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 $7,140 Long-term liability 3,360 The unfunded pension liability is a long-term liability. Notes payable: Current liability $ 70,000 Long-term liability 630,000 Kornett Company Post-Closing Trial Balance December 31, 2015 Account Title Debit Balances Credit Balances Petty Cash 4,500 Cash 243,960 Notes Receivable 100,000 Accounts Receivable 470,000 Allowance for Doubtful Accounts Inventory 16,000 320,000 Interest Receivable 1,875 Prepaid Insurance Office Supplies 45,640 Land 13,400 654,925 900,000 36,000 Buildings Accumulated Depreciation-Buildings Office Equipment Accumulated Depreciation - Office Equipment Store Equipment 246,000 44,000 112,000 5,000 Accumulated Depreciation-Store Equipment 546,000 Mineral Rights Accumulated Depletion 30,000 42,000 25,470 4,710 40,000 Patents Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Salaries Payable Accounts Payable 270 40 157,000 131,600 Interest Payable 28,000 Product Warranty Payable Vacation Pay Payable Unfunded Pension Liability Notes Payable Common Stock Retained Earnings 76,000 10,500 50,700 700,000 500,000 1,845,010 3,700,300 3,700,300 Kornett Company Balance Sheet December 31, 2015 Assets Current assets: Total current assets Property, plant, and equipment: Total property, plant, and equipment Intangible assets: Total assets Liabilities Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Stockholders' Equity Long-term liabilities: Total long-term liabilities Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity