{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T23:16:08-04:00", "answer_date": "2024-05-27 23:16:08", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1807057", "url": "\/study-help\/questions\/exercise-35-algo-balance-sheet-preparation-lo32-33-the-following-1807057", "question_creation_date_js": "2024-05-27T23:16:08-04:00", "question_creation_date": "May 27, 2024 11:16 PM", "meta_title": "[Solved] Exercise 3-5 (Algo) Balance sheet prepara | SolutionInn", "meta_description": "Answer of - Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts at Decemb | SolutionInn", "meta_keywords": "exercise,3-5,algo,balance,sheet,preparation,lo3-2,3-3,ending,balances,accounts,december", "question_title_h1": " Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2024, for the Valley Pump", "question_title": " Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are", "question_title_for_js_snippet": "Exercise 3 5 (Algo) Balance sheet preparation LO3 2, 3 3 The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation Account Title Cash Debits $ 30,000 Credits Accounts receivable 66,000 Inventory 91,000 Interest payable $ 15,000 Investment in equity securities 54,000 Land 130,000 Buildings 325,000 Accumulated depreciation buildings 105,000 Equipment 85,000 Accumulated depreciation equipment Copyright (net) 30,000 17,000 Prepaid expenses (next 12 months) 37,000 Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings 70,000 25,000 Totals 275,000 5,000 250,000 60,000 $ 835,000 $ 835,000 Additional Information 1 The $130,000 balance in the land account consists of $105,000 for the cost of land where the plant and office buildings are located The remaining $25,000 represents the cost of land being held for speculation 2 The $54,000 balance in the investment in equity securities account represents an investment in the common stock of another corporation Valley intends to sell one half of the stock within the next year 3 The notes payable account consists of a $110,000 note due in six months and a $165,000 note due in three annual installments of $55,000 each, with the first payment due in August of 2025 Required Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2024 Use the additional information to help determine appropriate classifications and account balances Note Amounts to be deducted should be indicated by a minus sign VALLEY PUMP CORPORATION Balance Sheet", "question_description": "\"image\"image", "transcribed_text": "Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation. Account Title Cash Debits $ 30,000 Credits Accounts receivable. 66,000 Inventory 91,000 Interest payable $ 15,000 Investment in equity securities 54,000 Land 130,000 Buildings 325,000 Accumulated depreciation-buildings 105,000 Equipment 85,000 Accumulated depreciation-equipment Copyright (net) 30,000 17,000 Prepaid expenses (next 12 months) 37,000 Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings 70,000 25,000 Totals 275,000 5,000 250,000 60,000 $ 835,000 $ 835,000 Additional Information: 1. The $130,000 balance in the land account consists of $105,000 for the cost of land where the plant and office buildings are located. The remaining $25,000 represents the cost of land being held for speculation. 2. The $54,000 balance in the investment in equity securities account represents an investment in the common stock of another corporation. Valley intends to sell one-half of the stock within the next year. 3. The notes payable account consists of a $110,000 note due in six months and a $165,000 note due in three annual installments of $55,000 each, with the first payment due in August of 2025. Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2024. Use the additional information to help determine appropriate classifications and account balances. Note: Amounts to be deducted should be indicated by a minus sign. VALLEY PUMP CORPORATION Balance Sheet", "related_book": { "title": "International Accounting", "isbn": "978-0136111474, 0136111475", "edition": "7th Edition", "authors": "Frederick D. Choi, Gary K. Meek", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/127.jpg", "uri": "\/textbooks\/international-accounting-7th-edition-9780136111474", "see_more_uri": "" }, "free_related_book": { "isbn": "096556438X", "uri": "\/textbooks\/engineering-uncertainty-and-risk-analysis-1st-edition-9780965564380-179089", "name": "Engineering Uncertainty And Risk Analysis", "edition": "1st Edition" }, "question_posted": "2024-05-27 23:16:08", "see_more_questions_link": "\/study-help\/questions\/business-management-leadership-2023-June-05", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/macroeconomics-\/mexico-discovers-huge-reserves-of-oil-and-starts-exporting-oil-1281678", "description": "Mexico discovers huge reserves of oil and starts exporting oil to the United States. Describe how this would affect the following. a. The nominal pesoU.S. dollar exchange rate. b. 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