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The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Required: Prepare a classified balance sheet for Vosburgh
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation.Required:
Prepare a classified balance sheet for Vosburgh at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)
Account Title Cash Short-term investments Accounts receivable Long-term investments Inventories Loans to employees Prepaid expenses (for 2019) Land Building Machinery and equipment Patent Franchise Note receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/19) Interest payable Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Credits Debits 99,000 214,000 155,000 51,000 231,000 56,000 32,000 296,000 1,710,000 653,000 168,000 56,000 330,000 28,000 636,000 226,000 205,000 26,000 32,000 56,000 76,000 332,000 24,000 2,064,000 402,000 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, 2019 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 2019 and $66,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2019. 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 2019 the remainder in 2020 6. Notes payable consists of two notes, one for $116,000 due on January 15, 2020, and another for $216,000 due on June 30, 2021Step by Step Solution
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