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The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year)....

Question:

The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year).

KORVER SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash Accounts receivable Inventory Furniture and fixtures (ne

KORVER SUPPLY COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Total current assets 0 Property, plant, and e

KORVER SUPPLY COMPANY Balance Sheet At December 31, 2020 Assets Cash Accounts receivable Inventory Furniture and fixtures (net) $ 105,000 210,000 160,000 125,000 $600,000 Total assets Liabilities and Shareholders' Equity Accounts payable (for merchandise) Notes payable Interest payable Common stock Retained earnings Total liabilities and shareholders' equity $ 160,000 170,000 5,100 120,000 144,900 $600,000 Transactions during 2021 (current year) were as follows: 1. 2. 3. 4. 5. 6. 7. Sales to customers on account Cash collected from customers Purchase of merchandise on account Cash payment to suppliers Cost of merchandise sold Cash paid for operating expenses Cash paid for interest on notes $ 820,000 800,000 510,000 520,000 460,000 180,000 10,200 Additional Information: The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 6% is payable annually on June 30. Depreciation on the furniture and fixtures for 2021 is $22,000. The furniture and fixtures originally cost $320,000. Required: Prepare a classified balance sheet at December 31, 2021, by updating ending balances from 2020 for transactions during 2021 and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately. (Amounts to be deducted should be indicated by a minus sign.)
KORVER SUPPLY COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Total current assets 0 Property, plant, and equipment: 0 Net property, plant, and equipment Total assets Liabilities and Shareholders' Equity $ 0 Current liabilities: Total current liabilities 0 Shareholders' equity: 0 Total shareholders' equity Total liabilities and shareholders' equity $ 0

Answers

Working notes: T - Accounts KORVER SUPPLY COMPANY Balance Sheet As on December 31, 2021 Assets Current Assets: Cash $194,800

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