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I have majority of the problem done, can someone help me finish? Thank you The following are the ending balances of accounts at December 31,
I have majority of the problem done, can someone help me finish? Thank you
The following are the ending balances of accounts at December 31, 2021. for the Valley Pump Corporation Account Cash Accounts receivable Laventory Interest payable Investment in equity securities tad depreciation buildings Tiquipment Accumulated depreciation equipment Copyright (net Trepaid expenses (next 12 month) Deferred to thext 12 month) Accounts payable Mots payable Allowance for uncollectible accounts Common took Metained earnings Totals Debe credite $ 17,000 80,000 105,000 $ 22,000 68,000 140,000 360.000 112,000 99,000 34,000 77,000 32,000 110,000 2.000 320,000 40.000 5961,000 $961,000 Additional Information! 1. The $144.000 balance in the land account consists of $112.000 for the cost of land where the plant and office buildings are located The remaining $32,000 represents the cost of land being held for speculation 2 The 568,000 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 yet 3. The notes payable account consists of a $124.000 note due in six months and a $185.000 note due in three annual instiintents of $62,000 each with the first payment due in August of 2022 Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2021 Use the additional information to help determine appropriate classifications and account balances. (Amounts to be deducted should be indicated by a minus sign) Proy 4 55 Next > 9 5 2 3 S . 5 0 > 6 7 . 8 wo 1 O D 9 w W E R T Y Y U C 1 O P S D TI F G H J A L x V > B N Step by Step Solution
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