HW3

The ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation are as follows:

Account Title	Debits			Credits
Cash		99,000
Short-term investments		214,000
Accounts receivable		155,000
Long-term investments		51,000
Inventory		231,000
Receivables from employees		56,000
Prepaid expenses (for 2022)		32,000
Land		296,000
Building		1,710,000
Equipment		653,000
Patent (net)		168,000
Franchise (net)		56,000
Notes receivable		330,000
Interest receivable		28,000
Accumulated depreciationbuilding				636,000
Accumulated depreciationequipment				226,000
Accounts payable				205,000
Dividends payable (payable on 1/16/2022)				26,000
Interest payable				32,000
Income Taxes payable				56,000
Deferred revenue				76,000
Notes payable				332,000
Allowance for uncollectible accounts				24,000
Common stock				2,064,000
Retained earnings				402,000
Totals		4,079,000		4,079,000

Additional information:

1. The common stock represents 1.3 million shares of no par stock authorized, 660,000 shares issued and outstanding.
2. The receivables from employees are due on June 30, 2022.
3. The notes receivable are due in installments of $66,000, 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 $66,000 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 $116,000 due on January 15, 2023, and another for $216,000 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.)