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The following is the ending balances of accounts at December 31, 2024, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash $ 101,000 Short-term
The following is the ending balances of accounts at December 31, 2024, 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 2025) | 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 1/16/2025) | 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 receivables from employees are due on June 30, 2025.
- 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 2025 and $67,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2025. Long-term investments consist of securities that the company does not plan to sell in the next year.
- Deferred revenue represents payments from customers for extended service contracts. Eighty percent of these contracts expire in 2025, the remainder in 2026.
- Notes payable consists of two notes, one for $117,000 due on January 15, 2026, and another for $217,000 due on June 30, 2027.
Required:
Prepare a classified balance sheet for Vosburgh at December 31, 2024.
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