Transcribed Image Text: Based on the follovwing information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year: The

Transcribed Image Text: Based on the follovwing information and the post-closing trial balance shown below, prepare a balance sheet in report form at December 31 of the current year:
The merchandise inventory is stated at cost by the LIFO method.
The product warranty payable is a current liability.
Vacation pay payable:
Current liability
$7,140
Long-term liability
3,360
The unfunded pension liability is a long-term liability.
Notes payable:
Current liability
$70,000
Long-term liability
630,000
Kornett Company
Post-Closing Trial Balance
December 31, 20YS
Debit
Credit
Balances
Balances
Petty Cash
4,500
Cash
243,960
Notes Receivable
100,000
Accounts Receivable
470,000
Allowance for Doubtful Accounts
16,000
Merchandise Inventory
320,000
Interest Receivable
1,875
Prepaid Insurance
45,640
Office Supplies
13,390
Land
654,925
Buildings
900,000
Accumulated Depreciation-Buildings
36,000
Office Equipment
246,000
Accumulated Depreciation-Office Equipment
44,000 Transcribed Image Text: Merchandise Inventory
320,000
Interest Receivable
1,875
Prepaid Insurance
45,640
Office Supplies
13,390
Land
654,925
Buildings
900,000
Accumulated Depreciation-Buildings
36,000
Office Equipment
246,000
Accumulated Depreciation-Office Equipment
44,000
Store Equipment
112,000
Accumulated Depreciation-Store Equipment
5,000
Mineral Rights
546,000
Accumulated Depletion
30,000
Patents
42,000
Social Security Tax Payable
25,470
Medicare Tax Payable
4,710
Employees Federal Income Tax Payable
40,000
State Unemployment Tax Payable
270
Federal Unemployment Tax Payable
30
Salaries Payable
157,000
Accounts Payable
131,600
Interest Payable
28,000
Product Warranty Payable
76,000
Vacation Pay Payable
10,500
Unfunded Pension Liability
50,700
Notes Payable
700,000
J. Kornett, Capital
2,345,010
3,700,290
3,700,290

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