Comprehensive Problem 3 Part 5 Note: You must complete parts 1, 2, 3, and 4 of this comprehensive problem before completing parts Based on the following information and the post-dosing trial balance that follows, prepare a balance sheet in report format ecember of the center The merchandise entory is stated it cost by the LIFO method The product warranty is a current ability Vacation by payable Current ability 57.140 Long-term ability 3,360 The unfunded pension ability is a long term liability Notes payable Currently $ 70,000 Long-term ability 630.000 Konto Post-closing Trial Balance Account Title De Balances Credit Bac 100.000 420.000 15.000 220.000 1.575 45.540 13.400 Cash Not Receive Accounts Receivable Allowance for Doubtful Accounts Inventory Interest Receivable Prepaid Insurance Office Supplies Land Buildings Accumulated Depreciation-Buildings office Equipment Accumulated Depreciation Office Equipment Store Equipment Accumulated Depreciation-Store Equipment Mineral Rights Accumulated Depletion 500.000 36.000 246.000 4.000 112.000 5.000 546.000 30.000 42.000 25.470 40,000 Social Security Tour Payable Medicare Payable Employees Federal Income Tax Payable State Unemployment Tax Payable Federal Unemployment The Payable Payable Accounts Payable 157.000 Warranty Payable 76000 Lab SOL700 Payable ton Stock Komett Company Balance Sheet December 31, 2015 Assets Current assets: Petty cash 4,500 Cash 243,960 Notes receivable 100,000 Accounts receivable 470,000 Allowance for doubtful accounts 16,000 454,000 Inventory 320,000 Interest receivable 1,875 Prepaid insurance 45,640 office supplies 13,400 Total current assets 1183375 Property, plant, and equipment: Land 654,925 Buildings 900,000 Accumulated depreciation-buildings Book value-buildings 36,000 864,000 Office equipment 246,000 Accumulated depreciation-office equipment 44,000 Book value-office equipment 202,000 Store equipment 112,000 Accumulated depreciation-store equipment 5,000 Book value-store equipment 107,000 Mineral rights 546,000 Accumulated depletion--mineral rights 30,000 Book value--mineral rights 516,000 Total property, plant, and equipment 2343925 Intangible assets: Patents 42,000 Total assets 356930d Liabilities Current liabilities: Social security tax payable 25,470 Medicare tax payable 4,710 40,000 Employees federal income tax payable State unemployment tax payable Federal unemployment tax payable 270 40 Salaries payable 157,000 Accounts payable 131,600 Interest payable 28,000 Product warranty payable 76,000 Vacation pay payable (current portion) 10,500 Notes payable (current portion) 50,700 Total current liabilities 524,290 Long-term liabilities: Vacation pay payable 50,700 Unfunded pension liability Notes payable Total long-term liabilities 700,000 Total liabilities 1224290 Stockholders' Equity Common stock 500,000 Retained earnings 1,845,01 Total stockholders' equity 2,345,01 Total liabilities and stockholders' equity 3,569,30 Kornett Company Post Closing Trial Balance December 31, 2015 Account Title Debit Balances Credit Balances 4,500 243,960 100,000 470,000 16,000 320,000 1,875 45,640 Petty Cash Cash Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Inventory Interest Receivable Prepaid Insurance Office Supplies Land Buildings Accumulated Depreciation-Buildings Office Equipment Accumulated Depreciation-office Equipment Store Equipment Accumulated Depreciation-Store Equipment Mineral Rights Accumulated Depletion 13,400 654,925 900,000 36,000 246,000 44.000 112,000 5.000 546,000 30,000 Patents 42,000 25.470 4,710 Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable 40.000 270 157,000 131,600 28,000 Salaries Payable Accounts Payable Interest Payable Product Warranty Payable Vacation Pay Payable Unfunded Pension Liability Notes Payable 76,000 10,500 50,700 700,000 500,000 Common Stock Retained Earnings 1,845,010 3,700,300 3,700,300 Comprehensive Problem 3 Part 5 Note: You must complete arts 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 1 of the current year The merchandise inventory is stated at cost by the LIPO method The product warranty payable is current liability Vacation pay payable Current liability 57.140 Long-term liability 3,360 The unfunded pension ability is a long-term liability Notes payable Current ability 570,000 Long-term ability 630,000 Kornett Company Post-Closing Trial Balance December 31, 2015 Account Title Debit Balances Credit Balances Petty Cash Cash 4,500 243,960 100,000 470,000 16,000 320,000 1.875 45,640 13,400 654,925 900,000 36.000 246,000 44,000 Notes Receivable Accounts Receivable Allowance for Doubtful Accounts Inventory Interest Receivable Prepaid Insurance Office Supplies Land Buildings Accumulated Depreciation-Buildings Office Equipment Acumulated Depreciation-office Equipment Store Equipment Accumulated Depreciation-Store Equipment Mineral Rights Accumulated Depletion Patents Social Security Tax Payable Medicare Tax Payable Employees Federal Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable wares Payable Accounts Payable Interest Payable 112.000 5.000 545,000 30,000 42.000 25.470 10.000 40 157.000 Assets Current assets: Petty cash 4,500 Cash 243,960 Notes receivable 100,000 Accounts receivable 470,000 Allowance for doubtful accounts 16,000 454,000 320,000 Inventory Interest receivable 1,875 Prepaid insurance 45,640 office supplies 13,400 Total current assets 1183375 Property, plant, and equipment: Land 654,925 Buildings 900,000 Accumulated depreciation buildings 36,000 Book value buildings 864,000 Office equipment 246,000 Accumulated depreciation office equipment 44,000 Book value office equipment 202,000 Store equipment 112,000 Accumulated depreciation-store equipment 5,000 Book value store equipment 107.000 $ Mineralrights 546,000 30,000 Accumulated depletion mineral rights book values Total property, plant, and equipment 516,000 23925 Long-term liabilities: Vacation pay payable Unfunded pension liability Notes payable 50,700 700,000 Total long-term liabilities Total liabilities 1224290 Stockholders' Equity Common stock 500,000 Retained earnings 1,845,01 Total stockholders' equity 2,345,01 Total liabilities and stockholders' equity 3,569,30