Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2025) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2025) Interest payable Income taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Additional information: Debits $ 89,000 Credits 204,000 145,000 46,000 226,000 51,000 27,000 291,000 1,660,000 648,000 163,000 51,000 305,000 23,000 $ 631,000 221,000 200,000 21,000 27,000 51,000 71,000 322,000 19,000 2,044,000 322,000 $ $ 3,929,000 3,929,000 1. The receivables from employees are due on June 30, 2025. 2. The notes receivable are due in installments of $61,000, payable on each September 30. Interest is payable annually. 3. Short-term investments consist of securities that the company plans to sell in and $61,000 in treasury bills purchased on December 15 of the current year mature on February 15, 2025. Long-term investments consist of securities th 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 5. Notes payable consists of two notes, one for $111,000 due on January 15, 20 and another for $211,000 due on June 30, 2027. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign.
Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2025) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2025) Interest payable Income taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Additional information: Debits $ 89,000 Credits 204,000 145,000 46,000 226,000 51,000 27,000 291,000 1,660,000 648,000 163,000 51,000 305,000 23,000 $ 631,000 221,000 200,000 21,000 27,000 51,000 71,000 322,000 19,000 2,044,000 322,000 $ $ 3,929,000 3,929,000 1. The receivables from employees are due on June 30, 2025. 2. The notes receivable are due in installments of $61,000, payable on each September 30. Interest is payable annually. 3. Short-term investments consist of securities that the company plans to sell in and $61,000 in treasury bills purchased on December 15 of the current year mature on February 15, 2025. Long-term investments consist of securities th 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 5. Notes payable consists of two notes, one for $111,000 due on January 15, 20 and another for $211,000 due on June 30, 2027. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Vinubhai
Transcribed Image Text:Account Title
Cash
Short-term investments
Accounts receivable
Long-term investments
Inventory
Receivables from employees
Prepaid expenses (for 2025)
Land
Building
Equipment
Patent (net)
Franchise (net)
Notes receivable
Interest receivable
Accumulated depreciation-building
Accumulated depreciation-equipment
Accounts payable
Dividends payable (payable on 1/16/2025)
Interest payable
Income taxes payable
Deferred revenue
Notes payable
Allowance for uncollectible accounts
Common stock
Retained earnings
Totals
Additional information:
Debits
$ 89,000
204,000
Credits
145,000
46,000
226,000
51,000
27,000
291,000
1,660,000
648,000
163,000
51,000
305,000
23,000
$ 631,000
221,000
200,000
21,000
27,000
51,000
71,000
322,000
19,000
2,044,000
322,000
$
$ 3,929,000
3,929,000
1. The receivables from employees are due on June 30, 2025.
2. The notes receivable are due in installments of $61,000, payable on each
September 30. Interest is payable annually.
3. Short-term investments consist of securities that the company plans to sell in
and $61,000 in treasury bills purchased on December 15 of the current year
mature on February 15, 2025. Long-term investments consist of securities tha
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
5. Notes payable consists of two notes, one for $111,000 due on January 15, 20
and another for $211,000 due on June 30, 2027.
Required:
Prepare a classified balance sheet for Vosburgh at December 31, 2024.
Note: Amounts to be deducted should be indicated by a minus sign.
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