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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 $ 67,000 Short-term
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 | ||
Additional information:
- The common stock represents 1 million shares of no par stock authorized, 500,000 shares issued and outstanding.
- The receivables from employees are due on June 30, 2022.
- The notes receivable are due in installments of $50,000, payable on each September 30. Interest is payable annually.
- Short-term investments consist of securities that the company plans to sell in 2022 and $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.
- 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 $100,000 due on January 15, 2023, and another for $200,000 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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