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The following sre the ending balances of accounts st December 31, 2021, for the Valley Pump Corporstion. Account Title Cash Accounts receivable Te Inventory Intarest payble Delits Credits $ 31,000 93,eea $ 16, 800 Investrant in equity securities Land Buildirgs Accurulated depreciation-buildings 56,000 132,00a 185, e Equipnent Accurulated depreciation-equiprent 87,000 31, 00 Copyr right (net) 18,000 Prepaid expenses (next 12 nonths) Accounts payable Deferred Notes payable Allawance for uncallectible accounts 71, ee 26, 00 280, e 6, 00 260, 0e 57, 00 revenue (next 12 months) Cormon stock Retained earnings Totals $853,68a sas3, a00 Addltionel Information: 1 The $132,000 balance in the land account conslsts of $106,000 for the cost of land where the plant and office bulldings sre located. The remsining S25,000 represents the cost of Isnd being held for speculstion. 2 The $56,000 balance in the Investment in equity securities sccount represents an Investment in the common stock of another corporation. Valley Intends to sell onehalf of the stock within the next yesr. 3. The notes payable account consists of s S12,000 note due lIn stx months and s $168,000 nate due in three annusl Installments of $56,000 esch, with the first payment due in August of 2022. Required: Prepare a clessified balance sheet for the Valley Pump Corporstion et December 31, 2021. Use the sdoltonal information to help determine approprlste classfications and sccount belances. (Amounts to be deducted should be Indicated by a mlnus sign.) VALLEY PUMP CORPORATION Balance aheet At December 31, 2021 Accats Current assets Cash 31,000 Accounts receivabie 68.000 93.000 Inventory Allowance for uncolectible accounts (6.000) Prepaid openses 38.000 Investment in aquity securies 28.000

The following sre the ending balances of accounts st December 31, 2021, for the Valley Pump Corporstion. Account Title Cash Accounts receivable Te Inventory Intarest payble Delits Credits $ 31,000 93,eea $ 16, 800 Investrant in equity securities Land Buildirgs Accurulated depreciation-buildings 56,000 132,00a 185, e Equipnent Accurulated depreciation-equiprent 87,000 31, 00 Copyr right (net) 18,000 Prepaid expenses (next 12 nonths) Accounts payable Deferred Notes payable Allawance for uncallectible accounts 71, ee 26, 00 280, e 6, 00 260, 0e 57, 00 revenue (next 12 months) Cormon stock Retained earnings Totals $853,68a sas3, a00 Addltionel Information: 1 The $132,000 balance in the land account conslsts of $106,000 for the cost of land where the plant and office bulldings sre located. The remsining S25,000 represents the cost of Isnd being held for speculstion. 2 The $56,000 balance in the Investment in equity securities sccount represents an Investment in the common stock of another corporation. Valley Intends to sell onehalf of the stock within the next yesr. 3. The notes payable account consists of s S12,000 note due lIn stx months and s $168,000 nate due in three annusl Installments of $56,000 esch, with the first payment due in August of 2022. Required: Prepare a clessified balance sheet for the Valley Pump Corporstion et December 31, 2021. Use the sdoltonal information to help determine approprlste classfications and sccount belances. (Amounts to be deducted should be Indicated by a mlnus sign.) VALLEY PUMP CORPORATION Balance aheet At December 31, 2021 Accats Current assets Cash 31,000 Accounts receivabie 68.000 93.000 Inventory Allowance for uncolectible accounts (6.000) Prepaid openses 38.000 Investment in aquity securies 28.000

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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The following sre the ending balances of accounts st December 31, 2021, for the Valley Pump Corporstion. Account Title Cash Accounts receivable Te Inventory Intarest payble Delits Credits $ 31,000 93,eea $ 16, 800 Investrant in equity securities Land Buildirgs Accurulated depreciation-buildings 56,000 132,00a 185, e Equipnent Accurulated depreciation-equiprent 87,000 31, 00 Copyr right (net) 18,000 Prepaid expenses (next 12 nonths) Accounts payable Deferred Notes payable Allawance for uncallectible accounts 71, ee 26, 00 280, e 6, 00 260, 0e 57, 00 revenue (next 12 months) Cormon stock Retained earnings Totals $853,68a sas3, a00 Addltionel Information: 1 The $132,000 balance in the land account conslsts of $106,000 for the cost of land where the plant and office buldings sre located. The remsining S25,000 represents the cost of Isnd being held for speculstion. 2 The $56,000 balance in the Investment in equity securities sccount represents an Investment in the common stock of another corporation. Valley Intends to sell onehalf of the stock within the next yesr. 3. The notes payable account consists of s S12,000 note due lIn stx months and s $168,000 nate due in three annusl Installments of $56,000 esch, with the first payment due in August of 2022. Required: Prepare a ciesafied balance sheet for the Valley Pump Corporstion et December 31, 2021. Use the adeltonal information to help determine approprlste classfications and sccount belances. (Amounts to be deducted should be Indicated by a mlnus sign.) VALLEY PUMP CORPORATION Balance aheet At December 31, 2021 Accats Current assets Cash 31,000 Accounts receivabie 68.000 93.000 Inventory Allowance for uncolectible accounts (6.000) Prepaid openses 38.000 Investment in aquity securies 28.000
Transcribed Image Text:The following sre the ending balances of accounts st December 31, 2021, for the Valley Pump Corporstion. Account Title Cash Accounts receivable Te Inventory Intarest payble Delits Credits $ 31,000 93,eea $ 16, 800 Investrant in equity securities Land Buildirgs Accurulated depreciation-buildings 56,000 132,00a 185, e Equipnent Accurulated depreciation-equiprent 87,000 31, 00 Copyr right (net) 18,000 Prepaid expenses (next 12 nonths) Accounts payable Deferred Notes payable Allawance for uncallectible accounts 71, ee 26, 00 280, e 6, 00 260, 0e 57, 00 revenue (next 12 months) Cormon stock Retained earnings Totals $853,68a sas3, a00 Addltionel Information: 1 The $132,000 balance in the land account conslsts of $106,000 for the cost of land where the plant and office buldings sre located. The remsining S25,000 represents the cost of Isnd being held for speculstion. 2 The $56,000 balance in the Investment in equity securities sccount represents an Investment in the common stock of another corporation. Valley Intends to sell onehalf of the stock within the next yesr. 3. The notes payable account consists of s S12,000 note due lIn stx months and s $168,000 nate due in three annusl Installments of $56,000 esch, with the first payment due in August of 2022. Required: Prepare a ciesafied balance sheet for the Valley Pump Corporstion et December 31, 2021. Use the adeltonal information to help determine approprlste classfications and sccount belances. (Amounts to be deducted should be Indicated by a mlnus sign.) VALLEY PUMP CORPORATION Balance aheet At December 31, 2021 Accats Current assets Cash 31,000 Accounts receivabie 68.000 93.000 Inventory Allowance for uncolectible accounts (6.000) Prepaid openses 38.000 Investment in aquity securies 28.000
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CURRENT ASSET THAT ARE EXPECTED TO BE SOLD OR USED AS A RESULT OF STANDARD BUSINESS OPERATIONS OVER THE NEXT YEAR.

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