The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash $ 67,000 Short-term investments 182,000 Accounts receivable 123,000 Long-term investments 35,000 Inventory 215,000 Receivables from employees 40,000 Prepaid expenses (for 2022) 16,000 Land 280,000 Building 1,550,000 Equipment 637,000 Patent (net) 152,000 Franchise (net) 40,000 Notes receivable 250,000 Interest receivable 12,000 Accumulated depreciation—building $ 620,000 Accumulated depreciation—equipment 210,000 Accounts payable 189,000 Dividends payable (payable on 1/16/2022) 10,000 Interest payable 16,000 Income taxes payable 40,000 Deferred revenue 60,000 Notes payable 300,000 Allowance for uncollectible accounts 8,000 Common stock 2,000,000 Retained earnings 146,000 Totals $ 3,599,000 $ 3,599,000 Additional information: The common stock represents 1 million shares of no par stock authorized, 500,000 shares issued and outstanding. The receivables from employees are due on June 30, 2022. The notes receivable are due in installments of $50,000, payable on each September 30. Interest is payable annually. Short-term investments consist of securities that the company plans to sell in 2022 and $50,000 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. Deferred revenue represents payments from customer for extended service contracts. Eighty percent of these contracts expire in 2022, the remainder in 2023. Notes payable consists of two notes, one for $100,000 due on January 15, 2023, and another for $200,000 due on June 30, 2024. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2021. (Amounts to be deducted should be indicated by a minus

The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash $ 67,000 Short-term investments 182,000 Accounts receivable 123,000 Long-term investments 35,000 Inventory 215,000 Receivables from employees 40,000 Prepaid expenses (for 2022) 16,000 Land 280,000 Building 1,550,000 Equipment 637,000 Patent (net) 152,000 Franchise (net) 40,000 Notes receivable 250,000 Interest receivable 12,000 Accumulated depreciation—building $ 620,000 Accumulated depreciation—equipment 210,000 Accounts payable 189,000 Dividends payable (payable on 1/16/2022) 10,000 Interest payable 16,000 Income taxes payable 40,000 Deferred revenue 60,000 Notes payable 300,000 Allowance for uncollectible accounts 8,000 Common stock 2,000,000 Retained earnings 146,000 Totals $ 3,599,000 $ 3,599,000 Additional information: The common stock represents 1 million shares of no par stock authorized, 500,000 shares issued and outstanding. The receivables from employees are due on June 30, 2022. The notes receivable are due in installments of $50,000, payable on each September 30. Interest is payable annually. Short-term investments consist of securities that the company plans to sell in 2022 and $50,000 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. Deferred revenue represents payments from customer for extended service contracts. Eighty percent of these contracts expire in 2022, the remainder in 2023. Notes payable consists of two notes, one for $100,000 due on January 15, 2023, and another for $200,000 due on June 30, 2024. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2021. (Amounts to be deducted should be indicated by a minus

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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The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation.

Account Title	Debits	Credits
Cash	$	67,000
Short-term investments		182,000
Accounts receivable		123,000
Long-term investments		35,000
Inventory		215,000
Receivables from employees		40,000
Prepaid expenses (for 2022)		16,000
Land		280,000
Building		1,550,000
Equipment		637,000
Patent (net)		152,000
Franchise (net)		40,000
Notes receivable		250,000
Interest receivable		12,000
Accumulated depreciation—building			$	620,000
Accumulated depreciation—equipment				210,000
Accounts payable				189,000
Dividends payable (payable on 1/16/2022)				10,000
Interest payable				16,000
Income taxes payable				40,000
Deferred revenue				60,000
Notes payable				300,000
Allowance for uncollectible accounts				8,000
Common stock				2,000,000
Retained earnings				146,000
Totals	$	3,599,000	$	3,599,000

Additional information:

The common stock represents 1 million shares of no par stock authorized, 500,000 shares issued and outstanding.
The receivables from employees are due on June 30, 2022.
The notes receivable are due in installments of $50,000, payable on each September 30. Interest is payable annually.
Short-term investments consist of securities that the company plans to sell in 2022 and $50,000 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.
Deferred revenue represents payments from customer for extended service contracts. Eighty percent of these contracts expire in 2022, the remainder in 2023.
Notes payable consists of two notes, one for $100,000 due on January 15, 2023, and another for $200,000 due on June 30, 2024.

Required:
Prepare a classified balance sheet for Vosburgh at December 31, 2021. (Amounts to be deducted should be indicated by a minus

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