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The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 75,000 Short-term investments
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation.
Account Title | Debits | Credits | ||||
Cash | 75,000 | |||||
Short-term investments | 190,000 | |||||
Accounts receivable | 131,000 | |||||
Long-term investments | 39,000 | |||||
Inventories | 219,000 | |||||
Loans to employees | 44,000 | |||||
Prepaid expenses (for 2019) | 20,000 | |||||
Land | 284,000 | |||||
Building | 1,590,000 | |||||
Machinery and equipment | 641,000 | |||||
Patent | 156,000 | |||||
Franchise | 44,000 | |||||
Note receivable | 270,000 | |||||
Interest receivable | 16,000 | |||||
Accumulated depreciationbuilding | 624,000 | |||||
Accumulated depreciationequipment | 214,000 | |||||
Accounts payable | 193,000 | |||||
Dividends payable (payable on 1/16/19) | 14,000 | |||||
Interest payable | 20,000 | |||||
Taxes payable | 44,000 | |||||
Deferred revenue | 64,000 | |||||
Notes payable | 308,000 | |||||
Allowance for uncollectible accounts | 12,000 | |||||
Common stock | 2,016,000 | |||||
Retained earnings | 210,000 | |||||
Totals | 3,719,000 | 3,719,000 | ||||
Additional information:
- The common stock represents 1.4 million shares of no par stock authorized, 540,000 shares issued and outstanding.
- The loans to employees are due on June 30, 2019.
- The note receivable is due in installments of $54,000, payable on each September 30. Interest is payable annually.
- Short-term investments consist of marketable equity securities that the company plans to sell in 2019 and $54,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2019. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year.
- Deferred revenue represents customer payments for extended service contracts. Seventy five percent of these contracts expire in 2019, the remainder in 2020.
- Notes payable consists of two notes, one for $104,000 due on January 15, 2020, and another for $204,000 due on June 30, 2021.
Required: Prepare a classified balance sheet for Vosburgh at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)
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