The following is the balance sheet of Korver Supply Company at December 31, 2020 (prior year).
...
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$160,000
Accounts receivable 320,000
Inventory 270,000
Furniture and fixtures (net) 180,000
Total assets$930,000
Liabilities and Shareholders’ Equity
Accounts payable (for merchandise)$270,000
Notes payable 280,000
Interest payable 7,000
Common stock 110,000
Retained earnings 263,000
Total liabilities and shareholders’ equity$930,000
Transactions during 2021 (current year) were as follows:
1.Sales to customers on account$930,000
2.Cash collected from customers 910,000
3.Purchase of merchandise on account 620,000
4.Cash payment to suppliers 630,000
5.Cost of merchandise sold 570,000
6.Cash paid for operating expenses 290,000
7.Cash paid for interest on notes 14,000
Additional Information:
The notes payable are dated June 30, 2020, and are due on June 30, 2022. Interest at 5% is payable annually on June 30. Depreciation on the furniture and fixtures for 2021 is $33,000. The furniture and fixtures originally cost $430,000.
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.)
Answers: 1
Business, 22.06.2019 16:10
The following are line items from the horizontal analysis of an income statement:increase/ (decrease) increase/ (decrease) 2017 2016 amount percent fees earned $120,000 $100,000 $20,000 20% wages expense 50,000 40,000 10,000 25 supplies expense 2,000 1,700 300 15 which of the items is stated incorrectly? a. fees earned b. supplies expense c. none of these choices are correct. d. wages expense
Answers: 3
Business, 22.06.2019 19:00
1. what must one do to perform the essential managerial task of controlling in achieving organizational goals? a. motivate, coordinate, and energize individuals and groups to work together to achieve organizational goals b. choose appropriate organizational goals and courses of action to best achieve those goals c. establish task and authority relationships that allow people to work together to achieve organizational goals d. establish accurate measuring and monitoring systems to evaluate how well the organization has achieved its goals
Answers: 1
Business, 22.06.2019 21:00
Mr. beautiful, an organization that sells weight training sets, has an ordering cost of $40 for the bb-1 set. (bb-1 stands for body beautiful number 1.) the carrying cost for bb-1 is $5 per set per year. to meet demand, mr. beautiful orders large quantities of bb-1 seven times a year. the stockout cost for bb-1 is estimated to be $50 per set. over the past several years, mr. beautiful has observed the following demand during the lead time for bb-1: demand during lead time probability40 0.150 0.260 0.270 0.280 0.290 0.1total 1.0the reorder point for bb-1 is 60 sets. what level of safety stock should be maintained for bb-1?
Answers: 3
Biology, 08.03.2021 20:50
Biology, 08.03.2021 20:50
Computers and Technology, 08.03.2021 20:50
History, 08.03.2021 20:50
English, 08.03.2021 20:50
Mathematics, 08.03.2021 20:50
Mathematics, 08.03.2021 20:50
Mathematics, 08.03.2021 20:50
Mathematics, 08.03.2021 20:50
Mathematics, 08.03.2021 20:50
Mathematics, 08.03.2021 21:00