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someone please help! N Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) 5 points The following are the ending balances of accounts at December 31,
someone please help!
N Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) 5 points The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation BON Aile Account Title Cash Accounts receivable Inventory Interest payable Investsent in equity securities tand Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Total Debite Credits 5 43,000 92.000 117,000 20,000 80,000 156,000 390,000 110,000 111.000 43,000 30,000 50,000 83,000 30.000 340,000 5.000 380,000 34,000 $1,069,000 $1,069,000 References Additional Information 1. The $156,000 balance in the land account consists of $18,000 for the cost of land where the plant and office buildings are located The remaining $38.000 represents the cost of land being held for speculation 2. The $80,000 balonce 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 $136,000 note due in six months and a $204,000 note due in three annual installments of $68.000 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.) VALLEY PUMP CORPORATION Balance Sheet At December 31, 2021 Assets Step by Step Solution
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