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The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 101,000 Short-term investments
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation.
Account Title | Debits | Credits | ||||
Cash | 101,000 | |||||
Short-term investments | 216,000 | |||||
Accounts receivable | 157,000 | |||||
Long-term investments | 52,000 | |||||
Inventory | 232,000 | |||||
Receivables from employees | 57,000 | |||||
Prepaid expenses (for 2022) | 33,000 | |||||
Land | 297,000 | |||||
Building | 1,720,000 | |||||
Equipment | 654,000 | |||||
Patent (net) | 169,000 | |||||
Franchise (net) | 57,000 | |||||
Notes receivable | 335,000 | |||||
Interest receivable | 29,000 | |||||
Accumulated depreciationbuilding | 637,000 | |||||
Accumulated depreciationequipment | 227,000 | |||||
Accounts payable | 206,000 | |||||
Dividends payable (payable on 1/16/2022) | 27,000 | |||||
Interest payable | 33,000 | |||||
Income Taxes payable | 57,000 | |||||
Deferred revenue | 77,000 | |||||
Notes payable | 334,000 | |||||
Allowance for uncollectible accounts | 25,000 | |||||
Common stock | 2,068,000 | |||||
Retained earnings | 418,000 | |||||
Totals | 4,109,000 | 4,109,000 | ||||
Additional information:
- The common stock represents 1.4 million shares of no par stock authorized, 670,000 shares issued and outstanding.
- The receivables from employees are due on June 30, 2022.
- The notes receivable are due in installments of $67,000, payable on each September 30. Interest is payable annually.
- Short-term investments consist of securities that the company plans to sell in 2022 and $67,000 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. Eighty percent of these contracts expire in 2022, the remainder in 2023.
- Notes payable consists of two notes, one for $117,000 due on January 15, 2023, and another for $217,000 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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