The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporati Credits Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable 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 Debits 89,000 204,000 145,000 46,000 226,000 51,000 27,000 291,000 1,660,000 648,000 163,000 51,080 305,000 23,000 631,000 221,000 200,000 21,000 27,000 51,000 71,000 322,000 19,000 2,044,000 322,000 3,929,000 3,929,000 Additional information: 1. The common stock represents 1.0 million shares of no par stock authorized, 610,000 shares issued and outstanding. 2. The receivables from employees are due on June 30, 2022 3. The notes receivable are due in installments of $61,000 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 $61,000 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 $111.000 due on January 15, 2023, and another for $211,000 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.) Balance Sheet At December 31, 2021 Assets $ 89,000 X 204,000 X Current assets Cash and cash equivalents Short-term investments Loans to employees Notes receivable Net accounts receivable X $ 51,000 61,000 X Allowance for uncollectible accounts Notes receivable BOX 112,000 126,000 X 244,000 X Inventory 226,000 Total current assets 1,001,000 Investments Long-term Investments $ 46,000 Total investments 46,000 Total investments 46,000 Property, plant, and equipment Land $ 291,000 Buildings 1,660,000 Equipment 648,000 2,599,000 Less: Accumulated depreciation buildings 1,029,000 X Less: Accumulated depreciation equipment 221,000 X Net property, plant, and equipment 3,849,000 Intangible assets Patent (net) 163,000 Franchise (net) 51,000 Total intangible assets 214,000 Total assets $ 5,110,000 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 200,000 Dividends payable 21,000 Interest payable 27,000 Income taxes payable 51,000
