Required:
Prepare a classified balance sheet at December by updating ending balances from for transactions during and the additional information. The cost of furniture and fixtures and their accumulated depreciation are shown separately.
Note: Amounts to be deducted should be indicated by a minus sign.
tableKORVER SUPPLY COMPANYBalance SheetAt December AssetsCurrent assets:Cash$Accounts receivable,,InventoryTotal current assets,,Property plant, and equipment:Furniture and fixturesAccumulated depreciationNet property, plant, and equipment,,Total assets,$Liabilities and Shareholders' EquityCurrent liabilities:Accounts payableNotes payableInterest payable,,
