The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation.CreditsAccount TitleCashAccounts receivableInventoryInterest payableInvestment in equity securitiesLandBuildingsAccumulated depreciation-buildingsEquipmentAccumulated depreciation-equipmentCopyright (net)Prepaid expenses (next 12 months)Accounts payableDeferred revenue (next 12 months)Notes payableAllowance for uncollectible accountsCommon stockRetained earningsTotals$Debits44,00094,000119,00082,000158,000395,000113,00031,00051,000$ 29,000119,00044,00084,00039,000345,0006,000390,00031,000$1,087,000 $1,087,000Additional Information:1. The $158,000 balance in the land account consists of $119,000 for the cost of land where the plant and office buildings are located.The remaining $39,000 represents the cost of land being held for speculation.2. The $82,000 balance in the investment in equity securities account represents an investment in the common stock of anothercorporation. Valley intends to sell one-half of the stock within the next year.3. The notes payable account consists of a $138,000 note due in six months and a $207,000 note due in three annual installments of$69.000 each, with the first payment due in August of 2022.Required:Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2021. Use the additional information to helpdetermine appropriate classifications and account balances. (Amounts to be deducted should be indicated by a minus sign.) Current assets:Total current assetsInvestments:Total investmentsProperty, plant, and equipment:Net property, plant, and equipmentIntangible assets:Total assetsCurrent liabilities:Total current liabilitiesLong-term liabilities:VALLEY PUMP CORPORATIONBalance SheetAt December 31, 2021AssetsTotal liabilitiesShareholders' equity:Liabilities and Shareholders' EquityTotal shareholders' equityTotal liabilities and shareholders' equity0$0000000

The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits 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 $ Debits 44,000 94,000 119,000 82,000 158,000 395,000 113,000 31,000 51,000 $ 29,000 119,000 44,000 84,000 39,000 345,000 6,000 390,000 31,000 $1,087,000 $1,087,000

The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits 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 $ Debits 44,000 94,000 119,000 82,000 158,000 395,000 113,000 31,000 51,000 $ 29,000 119,000 44,000 84,000 39,000 345,000 6,000 390,000 31,000 $1,087,000 $1,087,000

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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On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,700 Accounts Receivable 47,400 Allowance for Uncollectible Accounts $ 4,800 Inventory 20,600 Land 52,000 Equipment 18,000 Accumulated Depreciation 2,100 Accounts Payable 29,100 Notes Payable (6%, due April 1, 2022) 56,000 Common Stock 41,000 Retained Earnings 30,700 Totals $ 163,700 $ 163,700 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,200. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $153,000. January 15 Firework sales for the first half of the month total $141,000. All of these sales are on account. The…
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44. Subject :- Accounting
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
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REQUIRED: What is the net income for the period?
Subject- accounting