Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2024. for the Valley Pump Corporation. Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment! Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months); Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Current assets Cash Accounts receivable Inventory Equipment Prepaid expenses Buildings Land Total current assets Investments Investment in equity securities Total investments Property, plant, and equipment Debits $41,000 88,000 113,000 Equipment Buildings 76,000 152,000 380,000 107,000 Additional Information: 1. The $152.000 balance in the land account consists of $116,000 for the cost of land where the plant and office buildings are located. The remaining $36.000 represents the cost of land being held for speculat of another 2. The $76.000 balance in the investment in equity securities account represents an investment in the common st corporation. Valley intends to sell one-half of the stock within the next year 3. The notes payable account consists of a $132.000 note due in six months and a $198.000 note due in three annual instalimer of $66,000 each, with the first payment due in August of 2025 Assets 28,000 48,000 Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2024. Use the additional information to help determine appropriate classifications and account balance. Note: Amounts to be deducted should be indicated by a min Credits $ 26,000 116.000 41,900 $1,033,000 $1,033,009 sign. 76,000
Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2024. for the Valley Pump Corporation. Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment! Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months); Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Current assets Cash Accounts receivable Inventory Equipment Prepaid expenses Buildings Land Total current assets Investments Investment in equity securities Total investments Property, plant, and equipment Debits $41,000 88,000 113,000 Equipment Buildings 76,000 152,000 380,000 107,000 Additional Information: 1. The $152.000 balance in the land account consists of $116,000 for the cost of land where the plant and office buildings are located. The remaining $36.000 represents the cost of land being held for speculat of another 2. The $76.000 balance in the investment in equity securities account represents an investment in the common st corporation. Valley intends to sell one-half of the stock within the next year 3. The notes payable account consists of a $132.000 note due in six months and a $198.000 note due in three annual instalimer of $66,000 each, with the first payment due in August of 2025 Assets 28,000 48,000 Required: Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2024. Use the additional information to help determine appropriate classifications and account balance. Note: Amounts to be deducted should be indicated by a min Credits $ 26,000 116.000 41,900 $1,033,000 $1,033,009 sign. 76,000
Chapter1: Financial Statements And Business Decisions
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![Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3]
The following are the ending balances of accounts at December 31, 2024. for the Valley Pump Corporation.
Account Title
Cash
Accounts receivable
Inventory
Interest payable
Investment in equity securities
Land
Buildings
Accumulated depreciation-buildings
Equipment
Accumulated depreciation-equipment
Copyright (net)
Prepaid expenses (next 12 months)
Accounts payable
Deferred revenue (next 12 months)
Notes payable
Allowance for uncollectible accounts
Common stock
Retained earnings
Totals
Current assets:
Cash
Accounts receivable
Inventory
Equipment
Prepaid expenses
Buildings
Land
Total current assets
Investments
Investment in equity securities
Additional Information:
1. The $152.000 bala
land account consists of $116,000 for the cost of land where the plant and office buildings are
located. The remaining $36.000 represents the cost of land being held for
stment in the common stock of another
2. The $76.000 balance in the investment in equity securities account represents an
corporation Valley intends to sell one-half of the stock within the next year
3. The notes payable account consists of a $132,000 note due in six months and a $198.000 note due in three annual instaliments
of $66.000 each, with the first payment due in August of 2025.
Total investments
Property, plant, and equipment
Debits
$41,000
88,000
113,000
Required:
Prepare a classified balance sheet for the Valle mp Corporation at December 31, 2024. Use the additional information to help
determine appropria
ifications and accou balances
Note: Amounts to be deducted should be indicated by a minus sign.
Equipment
Buildings
Land
76,000
152,000
380,000
107,000
28,000
48,000
Assets
Credits
$ 26,000
116.000
141,900.
$1,033,000 $1,033,000
3.000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F682f0dfd-2a92-4825-8dda-e1efdcb4b210%2F8cfb8c49-e2b4-4a1d-b007-49a194582dde%2F8844ygm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3]
The following are the ending balances of accounts at December 31, 2024. for the Valley Pump Corporation.
Account Title
Cash
Accounts receivable
Inventory
Interest payable
Investment in equity securities
Land
Buildings
Accumulated depreciation-buildings
Equipment
Accumulated depreciation-equipment
Copyright (net)
Prepaid expenses (next 12 months)
Accounts payable
Deferred revenue (next 12 months)
Notes payable
Allowance for uncollectible accounts
Common stock
Retained earnings
Totals
Current assets:
Cash
Accounts receivable
Inventory
Equipment
Prepaid expenses
Buildings
Land
Total current assets
Investments
Investment in equity securities
Additional Information:
1. The $152.000 bala
land account consists of $116,000 for the cost of land where the plant and office buildings are
located. The remaining $36.000 represents the cost of land being held for
stment in the common stock of another
2. The $76.000 balance in the investment in equity securities account represents an
corporation Valley intends to sell one-half of the stock within the next year
3. The notes payable account consists of a $132,000 note due in six months and a $198.000 note due in three annual instaliments
of $66.000 each, with the first payment due in August of 2025.
Total investments
Property, plant, and equipment
Debits
$41,000
88,000
113,000
Required:
Prepare a classified balance sheet for the Valle mp Corporation at December 31, 2024. Use the additional information to help
determine appropria
ifications and accou balances
Note: Amounts to be deducted should be indicated by a minus sign.
Equipment
Buildings
Land
76,000
152,000
380,000
107,000
28,000
48,000
Assets
Credits
$ 26,000
116.000
141,900.
$1,033,000 $1,033,000
3.000
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