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The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account TitleDebitsCreditsCash95,000Short-term investments210,000Accounts receivable151,000Long-term investments49,000Inventory229,000Receivables from employees54,000Prepaid expenses

The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation.

Account TitleDebitsCreditsCash95,000Short-term investments210,000Accounts receivable151,000Long-term investments49,000Inventory229,000Receivables from employees54,000Prepaid expenses (for 2022)30,000Land294,000Building1,690,000Equipment651,000Patent (net)166,000Franchise (net)54,000Notes receivable320,000Interest receivable26,000Accumulated depreciationbuilding634,000Accumulated depreciationequipment224,000Accounts payable203,000Dividends payable (payable on 1/16/2022)24,000Interest payable30,000Income Taxes payable54,000Deferred revenue74,000Notes payable328,000Allowance for uncollectible accounts22,000Common stock2,056,000Retained earnings370,000Totals4,019,0004,019,000

Additional information:

  1. The common stock represents 1.1 million shares of no par stock authorized, 640,000 shares issued and outstanding.
  2. The receivables from employees are due on June 30, 2022.
  3. The notes receivable are due in installments of $64,000, 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 $64,000 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. Seventy five percent of these contracts expire in 2022, the remainder in 2023.
  6. Notes payable consists of two notes, one for $114,000 due on January 15, 2023, and another for $214,000 due on June 30, 2024.

Required:

Prepare a classified balance sheet for Vosburgh at December 31, 2021.(Amounts to be deducted should be indicated by a minus sign.)

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