3-6 (Algo) Balance sheet preparation; disclosures [LO3-2, 3-3, 3-4] The ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation are as follows: Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits 83,000 198,000 139,000 43,000 223,000 48,000 24,000 288,000 1,630,000 645,000 160,000 48,000 290,000 20,000 628,000 218,000 197,000 18,000 24,000 48,000 68,000 316,000 16,000 2,032,000 274,000 3,839,000 3,839,000 Additional information: 1. The common stock represents 1.2 million shares of no par stock authorized, 580,000 shares issued and outstanding. 2. The receivables from employees are due on June 30, 2022. 3. The notes receivable are due in installments of $58,000, 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 $58,000 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. Seventy percent of these contracts expire in 2022, the remainder in 2023. 6. Notes payable consists of two notes, one for $108,000 due on January 15, 2023, and another for $208,000 due on June 30, 2024. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) VOSBURGH ELECTRONICS CORPORATION Balance Sheet At December 31, 2021 Current assets Cash and cash equivalents Short-term investments Accounts receivable i Allowance for uncollectible accounts Not accounts receivable- Receivables from employees Inventory Assets Net accounts receivable Receivables from employees Inventory Prepaid expenses Interest receivable Notes receivable Total current assets Investments: Long-term Investments Notes receivable Total investments Property, plant, and equipment Land Buildings Equipment Less Accumulated depreciation-buildings Less Accumulated depreciation-equipment Net property, plant, and equipment Intangible assets: Patent (net) Franchise (net) Total intangible assets Total assets < Prev 2 of 5 Q Search Total assets Current liabilities: Accounts payable Dividends payable Interest payable Income taxes payable Liabilities and Shareholders' Equity Total current liabilities Long-term liabilities: Notes payable Total long-term liabilities Total liabilities Shareholders' equity Common stock Retained earnings Total shareholders' equity Total liabilities and shareholders' equity Saved