Question
The following is the ending balances of accounts at December 31, 2024, for the Vosburgh Electronics Corporation. Account Title Cash Short-term investments Debits $
The following is the ending balances of accounts at December 31, 2024, for the Vosburgh Electronics Corporation. Account Title Cash Short-term investments Debits $ 91,000 Credits 206,000 Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2025) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable 147,000 47,000 227,000 52,000 28,000 292,000 1,670,000 649,000 164,000 52,000 310,000 Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2025) Interest payable Income taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 24,000 $ 632,000 222,000 201,000 22,000 28,000 52,000 72,000 324,000 20,000 2,048,000 338,000 $ 3,959,000 $ 3,959,000 Additional information: 1. The receivables from employees are due on June 30, 2025. 2. The notes receivable are due in installments of $62,000, payable on each September 30. Interest is payable annually. 3. Short-term investments consist of securities that the company plans to sell in 2025 and $62,000 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. 4. Deferred revenue represents payments from customers for extended service contracts. Eighty percent of these contracts expire in 2025, the remainder in 2026. 5. Notes payable consists of two notes, one for $112,000 due on January 15, 2026, and another for $212,000 due on June 30, 2027. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign.
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