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6. The following is a December 31, 2018. post-closing trial balance for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 67,000 Short-term investments 182,000
6. The following is a December 31, 2018. post-closing trial balance for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 67,000 Short-term investments 182,000 Accounts receivable 123,000 Long-term investments 35,000 Inventories 215,000 Loans to employees 40,000 Prepaid expenses (for 2019) 16,000 Land 280,000 Building 1,550,000 Machinery and equipment 637,000 Patent 152,000 Franchise 40,000 Note receivable 250,000 Interest receivable 12,000 Accumulated depreciation-building 620,000 Accumulated depreciation equipment 210,000 Accounts payable 189.000 Dividends payable (payable on 1/16/19) 10,000 Interest payable 16,000 Taxes payable 40,000 Unearned revenue 60,000 Notes payable 300,000 Allowance for uncollectible accounts 8,000 Common stock 2,000,000 Retained earnings 146,000 Totals 3,599,000 3,599,000 Additional Information: 1. The common stock represents 1 million shares of no par stock authorized, 500,000 shares issued and outstanding 2. The loans to employees are due on June 30, 2019. 3. The note receivable is due in installments of K50,000, payable on each September 30. Interest is payable annually. 4. Short-term investments consist of marketable equity securities that the company plans to sell in 2019 and K50,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2019 Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year. 5. Unearned revenue represents customer payments for extended service contracts. Eighty percent of these contracts expire in 2019, the remainder in 2020, 6. Notes payable consists of two notes, one for K100,000 due on January 15, 2020, and another for K200,000 due on June 30, 2022. Required: 1. Prepare a classified balance sheet for Vosburgh at December 31, 2018 2. Identify the items that would require additional disclosure, either on the face of the balance sheet or in a disclosure
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