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

Account Title Debits Credits

Cash $67,000

Short-term investments 182,000

Accounts receivable 123,000

Long-term investments 35,000

Inventory 215,000

Receivables from employees 40,000

Prepaid expenses (for 2022) 16,000

Land 280,000

Building 1,550,000

Equipment 637,000

Patent (net) 152,000

Franchise (net) 40,000

Notes receivable 250,000

Interest receivable 12,000

Accumulated depreciationbuilding $620,000

Accumulated depreciationequipment 210,000

Accounts payable 189,000

Dividends payable (payable on 1/16/2022) 10,000

Interest payable 16,000

Income taxes payable 40,000

Deferred revenue 60,000

Notes payable 300,000

Allowance for uncollectible accounts 8,000

Common stock 2,000,000

Retained earnings 146,000

Totals $3,599,000 $3,599,000

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Additional Information:

1. The common stock represents 1 million shares of no par stock authorized, 500,000 shares issued and outstanding.

2. The receivables from employees are due on June 30, 2022.

3. The notes receivable are due in installments of $50,000, 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 $50,000 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 $100,000 due on January 15, 2023, and another for $200,000 due on June 30, 2024.

Required:

1. need to prepare a classified balance sheet for Vosburgh at December 31, 2021. Include headings for each classification, as well as titles for each classification's subtotal. An example of a classified balance sheet can be found in the Concept Review Exercise at the end of Part A of this chapter.

2. Identify the items that would require additional disclosure, either on the face of the balance sheet or in a disclosure note.