Question
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:
- The common stock represents 1.1 million shares of no par stock authorized, 640,000 shares issued and outstanding.
- The receivables from employees are due on June 30, 2022.
- The notes receivable are due in installments of $64,000, payable on each September 30. Interest is payable annually.
- 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.
- Deferred revenue represents payments from customer for extended service contracts. Seventy five percent of these contracts expire in 2022, the remainder in 2023.
- 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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