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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current assets Cash and cash equivalents Inventory Accounts receivable Additional paid-in capital Net accounts receivable Total curent assets Investments Total investments Property, plant, and equipment Net property, plant, and equipment Intangible assets Total intangible assets Total assets Current Sabilities Total current Rablides Long-tem abdes Balance Sheet : At December 31, 2021 Assets Liabilities and Shareholders' Equity Total long-term lablities Total abilities Shareholders equity Total shareholders' equity Total abilities and shareholders eauty
Transcribed Image Text:Current assets Cash and cash equivalents Inventory Accounts receivable Additional paid-in capital Net accounts receivable Total curent assets Investments Total investments Property, plant, and equipment Net property, plant, and equipment Intangible assets Total intangible assets Total assets Current Sabilities Total current Rablides Long-tem abdes Balance Sheet : At December 31, 2021 Assets Liabilities and Shareholders' Equity Total long-term lablities Total abilities Shareholders equity Total shareholders' equity Total abilities and shareholders eauty
The ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation are as follows: Account Title Debits Credits 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 628,000 Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable 218,000 197,000 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 16,000 Comon stock 2,032,000 Retained earnings 274,000 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 instaliments 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 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, 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 83,000 198,000 139,000 43,000 223,000 48,000 24,000 288,000 1,630,000 645,000 160,000 48,000 290,000 20,000
Transcribed Image Text:The ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation are as follows: Account Title Debits Credits 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 628,000 Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable 218,000 197,000 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 16,000 Comon stock 2,032,000 Retained earnings 274,000 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 instaliments 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 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, 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 83,000 198,000 139,000 43,000 223,000 48,000 24,000 288,000 1,630,000 645,000 160,000 48,000 290,000 20,000
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