1.) Based on the following information and the post-closing trial balance shown
ID: 2451272 • Letter: 1
Question
1.) Based on the following 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 $5,100
Long-term liability $2,400
The unfunded pension liability is a long-term liability.
Notes payable:
Current Liability $50,000
Long-term liability $450,000
Gampfer Company
Post-Closing Trial Balance
December 31,2012
..........................................................................Debit Balances ............ Credit Balances
Petty Cash………………………………………… $3,200
Cash………………………………………………. $174,400
Notes Receivable……………………………….. $64,000
Accounts Receivable…………………………… $336,000
Allowance for Doubtful Accounts………………........................................... $11,520
Merchandise Inventory…………………………. $ 230,000
Interest Receivable……………………………... $ 800
Prepaid Insurance………………………………. $ 32,600
Office Supplies………………………………….. $ 9,600
Land……………………………………………… $ 470,400
Buildings………………………………………… $ 650,000
Accumulated Depreciation-Buildings………… ..........................................$26,000
Office Equipment……………………………….. $176,000
Accumulated Depreciation-Office Equipment… ........................................$32,000
Sore Equipment………………………………….. $ 80,000
Accumulated Depreciation- Store Equipment… .........................................$ 3,600
Mineral Rights……………………………………. $390,000
Accumulated Depletion…………………………............................................ $23,040
Patents…………………………………………… $ 30,000
Social Security Tax Payable…………………… ...........................................$13,513
Medicare Tax Payable………………………….. ............................................$ 3,378
Employees Federal Income Tax Payable……. .............................................$28,090
State Unemployment Tax Payable………….... .............................................$ 40
Federal Unemployment Tax Payable………… .............................................$ 200
Salaries Payable………………………………................................................ $112,612
Accounts Payable……………………………….............................................. $224,000
Interest Payable……………………………….............................................… $ 20,207
Product Warranty Payable…………………...............................................… $ 40,500
Vacation Pay Payable………………………….............................................. $ 7,500
Unfunded Pension Liability………………….............................................…. $ 36,160
Notes Payable……………………………….............................................. $500,000
J. Gampfer, Capital………………………...........................................… $1,564,640
..............................................................................$2,550,840.................$2,550,840
Explanation / Answer
1.) Based on the following information and the post-closing trial balance shown
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