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 03:00
Match the given situations to the type of risks that a business may face while taking credit.(there's not just one answer)1. beta ltd. had taken a loan from a bankfor a period of 15 years, but its salesare gradually showing a decline.2. alpha ltd. has taken a loan for increasing its production and sales,but it has not conducted any researchbefore making this decision.3. delphi ltd. has an overseas client. the economy of the client’s country is going through severe recession.4. delphi ltd. has taken a short-term loanfrom the bank, but its supply chain logistics are not in place.a. foreign exchange riskb. operational riskc. term of loan riskd. revenue projections risk
Answers: 1
Business, 22.06.2019 11:00
In each of the following cases, find the unknown variable. ignore taxes. (do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) accounting unit price unit variable cost fixed costs depreciation break-even 20,500 $ 44 $ 24 $ 275,000 $ 133,500 44 4,400,000 940,000 8,000 75 320,000 80,000
Answers: 3
Business, 22.06.2019 15:00
Ineed this asap miguel's boss asks him to distribute information to the entire staff about a mandatory meeting. in 1–2 sentences, describe what miguel should do.
Answers: 1
Business, 22.06.2019 21:50
Search engines generate revenue through pay-per-click (each time a user clicks a link to a retailer’s website); pay-per-call (each time a user clicks a link that takes the user to an online agent waiting for a call); or pay-per-conversion (each time a website visitor is converted to a customer)
Answers: 3
History, 02.10.2020 09:01
Advanced Placement (AP), 02.10.2020 09:01
Arts, 02.10.2020 09:01
Mathematics, 02.10.2020 09:01
Biology, 02.10.2020 09:01
English, 02.10.2020 09:01
Mathematics, 02.10.2020 09:01
Mathematics, 02.10.2020 09:01
History, 02.10.2020 09:01
Mathematics, 02.10.2020 09:01