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 Equip Accumulated depreciation-equipment Copyright (net) Prepaid Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Noter Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits $ 32,000 70,000 95,000 58,000 134,000 335,000 89,000 19,000 39,000 Credits $ 17,000 107,000 32,000 72,000 27,000 285,000 7,000 270,000 54,000 $ 871,000 $ 871,000 Additional Information: 1. The $134,000 balance in the land account consists of $107,000 for the cost of land where the plant and office buildings are located. The remaining $27,000 represents the cost of land being held for speculation. 2. The $58,000 balance in the investment in equity securities account represents an investment in the common stock of another corporation. Valley intends to sell one-half of the stock within the next year. 3. The notes payable account consists of a $114,000 note due in six months and a $171,000 note due in three annual installments of $57,000 each, with the first payment due in August of 2025. 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 balances. Note: Amounts to be deducted should be indicated by a minus sign.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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27.

Subject  :- Accounting 

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
Build
Buildings
DO1101
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
$ 32,000
70,000
95,000
58,000
134,000
335,000
89,000
19,000
39,000
Credits
$ 17,000
107,000
32,000
72,000
27,000
285,000
7,000
270,000
54,000
$ 871,000 $ 871,000
Additional Information:
1. The $134,000 balance in the land account consists of $107,000 for the cost of land where the plant and office buildings are
located. The remaining $27,000 represents the cost of land being held for speculation.
2. The $58,000 balance in the investment in equity securities account represents an investment in the common stock of another
corporation. Valley intends to sell one-half of the stock within the next year.
3. The notes payable account consists of a $114,000 note due in six months and a $171,000 note due in three annual installments of
$57,000 each, with the first payment due in August of 2025.
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 balances.
Note: Amounts to be deducted should be indicated by a minus sign.
Transcribed Image Text: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 Build Buildings DO1101 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 $ 32,000 70,000 95,000 58,000 134,000 335,000 89,000 19,000 39,000 Credits $ 17,000 107,000 32,000 72,000 27,000 285,000 7,000 270,000 54,000 $ 871,000 $ 871,000 Additional Information: 1. The $134,000 balance in the land account consists of $107,000 for the cost of land where the plant and office buildings are located. The remaining $27,000 represents the cost of land being held for speculation. 2. The $58,000 balance in the investment in equity securities account represents an investment in the common stock of another corporation. Valley intends to sell one-half of the stock within the next year. 3. The notes payable account consists of a $114,000 note due in six months and a $171,000 note due in three annual installments of $57,000 each, with the first payment due in August of 2025. 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 balances. Note: Amounts to be deducted should be indicated by a minus sign.
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 balances.
Note: Amounts to be deducted should be indicated by a minus sign.
Current assets
Total current assets.
Investments:
Total investments
Property, plant, and equipment
Net property, plant, and equipment
Intangible assets:
Net property, plant, and equipment
Intangible assets:
Total assets
Current liabilities:
VALLEY PUMP CORPORATION
Balance Sheet
At December 31, 2024
Assets
Total current liabilities
Long-term liabilities:
Total liabilities
Shareholders' equity:
0
Total shareholders' equity
Total liabilities and shareholders' equity
0
Liabilities and Shareholders' Equity
0
$
0
0
0
0
0
Transcribed Image Text: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 balances. Note: Amounts to be deducted should be indicated by a minus sign. Current assets Total current assets. Investments: Total investments Property, plant, and equipment Net property, plant, and equipment Intangible assets: Net property, plant, and equipment Intangible assets: Total assets Current liabilities: VALLEY PUMP CORPORATION Balance Sheet At December 31, 2024 Assets Total current liabilities Long-term liabilities: Total liabilities Shareholders' equity: 0 Total shareholders' equity Total liabilities and shareholders' equity 0 Liabilities and Shareholders' Equity 0 $ 0 0 0 0 0
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