Kornett Company Balance Sheet December 31, 20Y5 Assets Current assets: Petty cash Cash Notes receivable Accounts receivable $ Allowance for doubtful accounts Accounts receivable, net $ Intangible assets: Patents Total assets Liabilities Current liabilities: Social security tax payable Medicare tax payable Employees federal income tax payable State unemployment tax payable Federal unemployment tax payable Salaries payable Accounts payable Interest payable Product warranty payable Vacation pay payable (current portion) Notes payable (current portion) Total current liahilities P 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 tral 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 hablity. Total current liabilities Long-term liabilities: Vacation pay payable Unfunded pension liability Notes payable Total long-term liabilities Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Feedback