Check my wo 2 KORVER SUPPLY COMPANY Balance Sheet At December 31, 2017 Assets Ca
ID: 2394304 • Letter: C
Question
Check my wo 2 KORVER SUPPLY COMPANY Balance Sheet At December 31, 2017 Assets Cash Accounts receivable Inventories Furniture and fixtures, net $160,000 320,000 270,000 180,000 $930,000 10 points Total assets eBook Liabilities and Shareholders' Equity Accounts payable (for merchandise) Note payable Interest payable Common stock Retained earnings $270,000 280,000 7,000 110,000 263,000 $930,000 Print References Total liabilities and shareholders' equity Transactions during 2018 were as follows: 1. Sales to customers on account 2. Cash collected from customers 3. Purchase of merchandise on account 4. Cash payment to suppliers 5. Cost of merchandise sold 6. Cash paid for operating expenses 7. Cash paid for interest on note $930,000 910,000 620,000 630,000 570,000 290,000 14,000 The note payable is dated June 30, 2017 and is due on June 30, 2019, Interest at 5% is payable annually on June 30, Depreciation on the furniture and fixtures for the year is $33,000. The furniture and fixtures originally cost $430,000Explanation / Answer
Working:
KORVER SUPPLY COMPANY Balance Sheet At December 31, 2018 Assets Current assets Cash 136000 Accounts receivable 340000 Inventories 320000 Total current assets 796000 Property, plant, and equipment Furniture and fixtures 430000 Accumulated depreciation -283000 Net property, plant, and equipment 147000 Total assets 943000 Liabilities and Shareholders' Equity Current liabilities Accounts payable 260000 Interest payable 7000 Note payable 280000 Total current liabilities 547000 Shareholders' Equity Common stock 110000 Retained earnings 286000 Total shareholders' equity 396000 Total liabilities and shareholders' equity 943000