Question
The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 99,000 Short-term investments
The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics Corporation. |
Account Title | Debits | Credits | ||||
Cash | 99,000 | |||||
Short-term investments | 214,000 | |||||
Accounts receivable | 155,000 | |||||
Long-term investments | 51,000 | |||||
Inventories | 231,000 | |||||
Loans to employees | 56,000 | |||||
Prepaid expenses (for 2017) | 32,000 | |||||
Land | 296,000 | |||||
Building | 1,710,000 | |||||
Machinery and equipment | 653,000 | |||||
Patent | 168,000 | |||||
Franchise | 56,000 | |||||
Note receivable | 330,000 | |||||
Interest receivable | 28,000 | |||||
Accumulated depreciationbuilding | 636,000 | |||||
Accumulated depreciationequipment | 226,000 | |||||
Accounts payable | 205,000 | |||||
Dividends payable (payable on 1/16/17) | 26,000 | |||||
Interest payable | 32,000 | |||||
Taxes payable | 56,000 | |||||
Deferred revenue | 76,000 | |||||
Notes payable | 332,000 | |||||
Allowance for uncollectible accounts | 24,000 | |||||
Common stock | 2,064,000 | |||||
Retained earnings | 402,000 | |||||
Totals | 4,079,000 | 4,079,000 | ||||
Additional information: |
1. | The common stock represents 1.3 million shares of no par stock authorized, 660,000 shares issued and outstanding. |
2. | The loans to employees are due on June 30, 2017. |
3. | The note receivable is due in installments of $66,000, payable on each September 30. Interest is payable annually. |
4. | Short-term investments consist of marketable equity securities that the company plans to sell in 2017 and $66,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2017. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year. |
5. | Deferred revenue represents customer payments for extended service contracts. Seventy percent of these contracts expire in 2017, the remainder in 2018. |
6. | Notes payable consists of two notes, one for $116,000 due on January 15, 2018, and another for $216,000 due on June 30, 2019. |
Required: |
Prepare a classified balance sheet for Vosburgh at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.) |
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