[sunnybaby106]

I'm not sure how to setup this balance sheet







Fore-Most Co.

Post-Closing Trial Balance
December 31, 2009
Petty Cash 600
Cash 69,450
Notes Receivable 50,000
,
Accounts Receivable 194,300
Allowance for Doubtful Accounts 4,760
Merchandise Inventory 40,250
Prepaid Insurance 24,400
Office Supplies 6,300
Land 100,000
Buildings 270,000
Accumulated
Depreciation—Buildings
5,400
Office Equipment 84,500
Accumulated
Depreciation—Office
Equipment
7,250
Store Equipment 36,000
Accumulated
Depreciation—Store
Equipment
9,000
Mineral Rights 128,000
Accumulated Depletion 25,600
Patents 42,500
Social Security Tax Payable 3,100 Medicare Tax Payable 780
Employees Federal Income Tax
Payable
4,700
State unemployment Tax Payable 45
Federal Unemployment Tax payable 20
Salaries Payable 26,000
Accounts Payable 94,000
Product Warranty Payable 14,280
Vacation Pay Payable -6,000
Unfunded Pension Liability 2,200
Notes Payable 450,000
Capital Stock 100,000
Retained Earnings 293,165
1,046,300 1,046,300



Here is the data for you to prepare a Balance Sheet in correct format. The PC Trial Balance does not change based on any other data presented on this project.

Based on the following information and the post-closing trial balance on the next page, prepare a balance sheet in report form at December 31, of the current year.
a. Notes receivable is a current asset.
b. The merchandise inventory is stated at cost by the LIFO method.
c. The product warranty payable is a current liability.
d. Vacation pay payable:
1) Current liability $5,000 2) Long-term Liability $1,000
e. The unfunded pension liability is a long-term liability. Notes payable: Current liability $115,000 Long-term Liability $335,000