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The following is the balance sheet of Korver Supply Company at December 31,2023(prior year). ...

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Accounting

The following is the balance sheet of Korver Supply Company at December 31,2023(prior year).
Transactions during 2024(current year) were as follows:
Sales to customers on account
Cash collected from customers
Purchase of inventory on account
Cash payment to suppliers
Cost of inventory sold
Cash paid for operating expenses
Cash paid for interest on notes
$800,000
780,000
550,000
560,000
500,000
160,000
12,000
Additional Information:
The notes payable are dated June 30,2023, and are due on June 30,2025. Interest at 6% is payable annually on June 30. Depreciation on the furniture and fixtures for 2024 is $20,000. The furniture and fixtures originally cost $300,000.

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