The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Cash Short-term investments Debits 71,000
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Cash Short-term investments Debits 71,000 Credits 186,000 Accounts receivable 127,000 Long-term investments 37,000 Inventory 217,000 Receivables from employees 42,000 Prepaid expenses (for 2022) 18,000 Land 282,000 Building 1,570,000 Equipment Patent (net) Franchise (net) Notes receivable Interest receivable 639,000 154,000 42,000 260,000 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 14,000 622,000 212,000 191,000 12,000 18,000 42,000 62,000 304,000 10,000 2,008,000 3,659,000 178,000 3,659,000 Additional information: 1. The common stock represents 1.2 million shares of no par stock authorized, 520,000 shares issued and outstanding. 2. The receivables from employees are due on June 30, 2022. 3. The notes receivable are due in installments of $52,000, payable on each September 30. Interest is payable annually. 4. Short-term investments consist of securities that the company plans to sell in 2022 and $52,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2022. Long-term investments consist of securities that the company does not plan to sell in the next year. 5. Deferred revenue represents payments from customer for extended service contracts. Eighty percent of these contracts expire in 2022, the remainder in 2023. 6. Notes payable consists of two notes, one for $102,000 due on January 15, 2023, and another for $202,000 due on June 30, 2024.
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