Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help very confused on this problem Problem 3-6 (Algo) Balance sheet preparation; disclosures (LO3-2, 3-3, 3-4) The following is the ending balances of accounts

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Please help very confused on this problem

Problem 3-6 (Algo) Balance sheet preparation; disclosures (LO3-2, 3-3, 3-4) The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits 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 85,000 200,000 141, see 44,000 224,000 49,000 25,000 289,000 1,640,000 646,000 161,000 49,000 295,000 21,000 ces 629,000 219,000 198,000 19,000 25,000 49,000 69,000 318,000 17,000 2,836,000 290,000 3,869,000 3,869,000 Check my w Additional information 1. The common stock represents 13 million shares of no par stock authorized 590.000 shares issued and outstanding 2. The receivables from employees are due on June 30, 2022 3. The notes receivable are due in installment of $59.000. Dayable on each September 30. Interestis payable annually 4. Short term investments consist of securities that the camarry plans to sell in 2022 and $59000 n treasury bilis purchased on December 15 of the cut year that mature on February 15 2022. Longom investments consist of secunties that the company does not plan to sell in the next year 5. Deferred revenue represents payments from customer for extended service contracts Seventy five percent of these contracts expire in 2022 the remainder in 2023 6. Notes payable consists of two not one for $109.000 due on January 15, 2023 and another for $205000 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.) VOSDURCH ELECTRONICS CORPORATION VOSBURGH ELECTRONICS CORPORATION Balance Sheet At December 31, 2021 Assets Current assets | Cash and cash equivalents $ 144,000 Accounts receivable $ 141,000 Net accounts receivable Accounts receivable Allowance for uncollectible accounts 141,000 141,000 17,000 443,000 Total current assets Investments: Total investments Property, plant, and equipment: Saved Net property, plant, and equipment Intangible assets: $ 443,000 Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Total shareholders' equity Total shareholders equy Total liabilities and shareholders equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting For Decision Makers

Authors: Peter Atrill, Eddie McLaney

9th Edition

1292251255, 9781292251257

More Books

Students also viewed these Accounting questions

Question

14. Now reconcile what you answered to problem 15 with problem 13.

Answered: 1 week ago