The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation.

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The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation.

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Additional Information:1. The common stock represents 1 million shares of no par stock authorized, 500,000 shares issued and outstanding.2. The receivables from employees are due on June 30, 2022.3. The notes receivable are due in installments of $50,000, payable on each September 30. Interest is payable annually.4. Short-term investments consist of securities that the company plans to sell in 2022 and $50,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2022. Long-term investments consist of securities that the company does not plan to sell in the next year.5. Deferred revenue represents payments from customer for extended service contracts. Eighty percent of these contracts expire in 2022, the remainder in 2023.6. Notes payable consists of two notes, one for $100,000 due on January 15, 2023, and another for $200,000 due on June 30, 2024.

Required:1. Prepare a classified balance sheet for Vosburgh at December 31, 2021. Include headings for each classification, as well as titles for each classification?s subtotal. An example of a classified balance sheet can be found in the Concept Review Exercise at the end of Part A of this chapter.2. Identify the items that would require additional disclosure, either on the face of the balance sheet or in a disclosure note.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Intermediate Accounting

ISBN: 978-1260481952

10th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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