The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. 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 Credits 81,000 196,000 137,000 42,000 222,000 47,000 23,000 287,000 1,620,000 644,000 159,000 47,000 285,000 19,000 627,000 217,000 196,000 17,000 23,000 47,000 67,000 314,000 15,000 2,028,000 258,000 3,809,000 3,809,000 Additional information: 1. The common stock represents 11 million shares of no par stock authorized, 570,000 shares issued and outstanding. 2. The receivables from employees are due on June 30, 2022. 3. The notes receivable are due in installments of $57,000, 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 $57,000 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. Seventy five percent of these contracts expire in 2022, the remainder in 2023. 6. Notes payable consists of two notes, one for $107,000 due on January 15, 2023, and another for $207,000 due on June 30, 2024. The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. 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 Credits 81,000 196,000 137,000 42,000 222,000 47,000 23,000 287,000 1,620,000 644,000 159,000 47,000 285,000 19,000 627,000 217,000 196,000 17,000 23,000 47,000 67,000 314,000 15,000 2,028,000 258,000 3,809,000 3,809,000 Additional information: 1. The common stock represents 11 million shares of no par stock authorized, 570,000 shares issued and outstanding. 2. The receivables from employees are due on June 30, 2022. 3. The notes receivable are due in installments of $57,000, 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 $57,000 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. Seventy five percent of these contracts expire in 2022, the remainder in 2023. 6. Notes payable consists of two notes, one for $107,000 due on January 15, 2023, and another for $207,000 due on June 30, 2024
