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Required: Prepare a classified balance sheet for Vosburgh at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.) 5 The
Required: Prepare a classified balance sheet for Vosburgh at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)
5 The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. 1,ee0 186,828 127,e80 37,000 217,eee 42,e2e 18,00 Short-term investnents Accounts receivable Long-tere investments Loans to orployees Prepaid expenses (for 2019) Building Kachinery and 1, 578,e2e 639,080 154,000 42,020 26e , ??? 14,000 oqu?prent Note receivable tnterest receivable Accunulated depreciation-building 622,080 212,880 191,080 12.000 18,8e0 42,880 62.080 384,000 18,880 2,e88,08e Accounts payable Dividends payable (payable on 1/16/19) Interest payable Taxes payable Notes payable Allowance foruncollectible accounts Cormon stock 1 The common stock represents 1.2 million shares of no par stock authorized, 520.000 shares issued and outstanding. 2 The losns to employees are due on June 30, 2019 3. The note receivable is due in instolliments of $52,000, payable on each September 30. Interest is payoble annually 4. Short-term investments consist of marketable equity securities that the company plans to sell in 2019 and $52.000 in tressury bills purchased on December 15 of the current year thst mature on Februsry 15, 2019. Long-term investments consist of marketsble equity securities that the company does not plan to sell in the next yeor 5. Deferred revenue represents customer payments for extended service contracts. Eighty percent of these contracts expire in 2019, the remsinder in 2020. 6. Notes payable consists of two notes, one for $102.000 due on January 15, 2020, and another for $202000 due on June 30, 2021 Prepare ? classified balance sheet for Vosburgh at December 31, 2018. (Amounts to be deducted should be Indicated by a minus SBURGH Balance Sheet At Decamber 31, 2018Step by Step Solution
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