The information is provided below. I've filled in most the the data so far, but it tells me the question is incomplete.
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits 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 105,000 220,000 161,000 54,000 234,000 59,000 35,000 299,000 1,740,000 656,000 171,000 59,000 345,000 31,000 639,000 229,000 208,000 29,000 35,000 59,000 79,000 338,000 27,000 2,076,000 450,000 4,169,000 4,169,000 Additional information: 1. The common stock represents 1.6 million shares of no par stock authorized, 690,000 shares issued and outstanding. 2. The receivables from employees are due on June 30, 2022. 3. The notes receivable are due in installments of $69,000, 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 $69,000 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. Eighty percent of these contracts expire in 2022, the remainder in 2023. 6. Notes payable consists of two notes, one for $119,000 due on January 15, 2023, and another for $219,000 due on June 30, 2024. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. VOSBURGH ELECTRONICS CORPORATION Balance Sheet At December 31, 2021 Assets $ Current assets Cash and cash equivalents Short-term investments Accounts receivable 174,000 151,000 $ 161,000 Net accounts receivable Inventory Receivables from employees Interest receivable Notes receivable 161,000 234,000 59,000 31,000 69,000 35,000 Prepaid expenses Total current assets 914,000 Investments: Long-term Investments Notes receivable $ 54,000 276,000 330,000 1,827,000 Total investments Property, plant, and equipment: Land $ 299,000 Buildings 1,740,000 Equipment 656,000 2,695,000 Less: Accumulated depreciation-buildings (639,000) Less: Accumulated depreciation equipment (229,000) Net property, plant, and equipment Intangible assets: Patent (net) 171,000 Franchise (net) 59,000 Total intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Income taxes payable Interest payable Dividends payable Deferred revenue 230,000 $ 3,301,000 $ 208,000 59,000 35,000 29,000 63,200 394,200 Total current liabilities Long-term liabilities: Notes payable Deferred revenue $ 338,000 15,800 353,800 748,000 Total long-term liabilities Total liabilities Shareholders' equity: Common stock Retained earnings 2,076,000 450,000 Total shareholders' equity Total liabilities and shareholders' equity 2,526,000 $ 3,274,000
