Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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:

  1. The receivables from employees are due on June 30, 2025.
  2. The notes receivable are due in installments of $67,000, payable on each September 30. Interest is payable annually.
  3. 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.
  4. Deferred revenue represents payments from customers for extended service contracts. Eighty percent of these contracts expire in 2025, the remainder in 2026.
  5. 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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Students also viewed these Accounting questions

Question

Recognize the signs of resistance to change.

Answered: 1 week ago

Question

What do you think of the MBO program developed by Drucker?

Answered: 1 week ago