Question
Could some please help me solve Comprehensive Problem number 3 on page 533-535 in Accounting 25 edition by warren-reeve-Duchac? 5.Based on the following information and
Could some please help me solve Comprehensive Problem number 3 on page 533-535 in Accounting 25 edition by warren-reeve-Duchac?
5.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
$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, 2014 Credit Balances Balances 4,500 243,960 100,000 470,000 Notes Receivable. . . 16,000 320,000 1,875 45,640 13,400 654,925 900,000 246,000 112,000 546,000 42,000 36,000 44,000 5,000 30,000 25,470 Accumulated Depreciation-Store Equipment.. Accumulated Depletion Social Security Tax Payable . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . Medicare Tax Payable.. Employees Federal Income Tax Payable .. . . . . . .. . . . .. . . . .. State Unemployment Tax Payable 40,000 270 157,000 131,600 28,000 76,000 10,500 50,700 700,000 2,345,010 3,700,300 Notes Payable 3,700,300Step by Step Solution
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