The ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation are as follows: Account Title Credits Debits 83,000 Cash Short-ters investments Accounts receivable 198,000 139,000 43,000 Long-tere Investments Inventory 223,000 48,000 Receivables from employees Prepaid expenses (for 2022) Land 24,000 288,000 1,630,000 645,000 Building Equipment Patent (net) Franchise (net) Notes receivable 160,000 45,000 290,000 Interest receivable 20,000 Accumulated depreciation-building 625,000 Accumulated depreciation-equipment 218,000 Accounts payable 197,000 Dividends payable (payable on 1/16/2022) 18,000 Interest payable 24,000 Income Taxes payable 48,000 Deferred revenue 68,000 Notes payable 316,000 Allowance for uncollectible accounts Comon stock 16,000 2,032,000 274,000 Retained earnings Totals 3,839,000 3,839,000 Additional information: 1. The common stock represents 1.2 million shares of no par stock authorized, 580,000 shares issued and outstanding 2. The receivables from employees are due on June 30, 2022 3. The notes receivable are due in installments of $58,000, 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 $58,000 in treasury bills purchased on December 15 of the current year that mature on February 2022 Long-term investments consist o securitie that the company does not plan to sell in the next year 5. Deferred revenue represents payments from customer for extended service contracts, Seventy percent of these contracts expire in 2022, the remainder in 2023 6. Notes payable consists of two notes, one for $108,000 due on January 15, 2023, and another for $208,000 due on June 30, 2024
The ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation are as follows: Account Title Credits Debits 83,000 Cash Short-ters investments Accounts receivable 198,000 139,000 43,000 Long-tere Investments Inventory 223,000 48,000 Receivables from employees Prepaid expenses (for 2022) Land 24,000 288,000 1,630,000 645,000 Building Equipment Patent (net) Franchise (net) Notes receivable 160,000 45,000 290,000 Interest receivable 20,000 Accumulated depreciation-building 625,000 Accumulated depreciation-equipment 218,000 Accounts payable 197,000 Dividends payable (payable on 1/16/2022) 18,000 Interest payable 24,000 Income Taxes payable 48,000 Deferred revenue 68,000 Notes payable 316,000 Allowance for uncollectible accounts Comon stock 16,000 2,032,000 274,000 Retained earnings Totals 3,839,000 3,839,000 Additional information: 1. The common stock represents 1.2 million shares of no par stock authorized, 580,000 shares issued and outstanding 2. The receivables from employees are due on June 30, 2022 3. The notes receivable are due in installments of $58,000, 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 $58,000 in treasury bills purchased on December 15 of the current year that mature on February 2022 Long-term investments consist o securitie that the company does not plan to sell in the next year 5. Deferred revenue represents payments from customer for extended service contracts, Seventy percent of these contracts expire in 2022, the remainder in 2023 6. Notes payable consists of two notes, one for $108,000 due on January 15, 2023, and another for $208,000 due on June 30, 2024
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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