Question
The following is the ending balances of accounts at December 31, 2024, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash $ 99,000 Short-term
The following is the ending balances of accounts at December 31, 2024, for the Vosburgh Electronics Corporation. 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 2025) 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 1/16/2025) 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 $ 4,079,00
Additional information:
The receivables from employees are due on June 30, 2025. The notes receivable are due in installments of $66,000, payable on each September 30. Interest is payable annually. Short-term investments consist of securities that the company plans to sell in 2025 and $66,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2025. Long-term investments consist of securities that the company does not plan to sell in the next year. Deferred revenue represents payments from customers for extended service contracts. Seventy percent of these contracts expire in 2025, the remainder in 2026. Notes payable consists of two notes, one for $116,000 due on January 15, 2026, and another for $216,000 due on June 30, 2027. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2024.
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