In: Accounting
The following is the ending balances of accounts at December 31,
2021, for the Vosburgh Electronics Corporation.
Account Title | Debits | Credits | ||||
Cash | 69,000 | |||||
Short-term investments | 184,000 | |||||
Accounts receivable | 125,000 | |||||
Long-term investments | 36,000 | |||||
Inventory | 216,000 | |||||
Receivables from employees | 41,000 | |||||
Prepaid expenses (for 2022) | 17,000 | |||||
Land | 281,000 | |||||
Building | 1,560,000 | |||||
Equipment | 638,000 | |||||
Patent (net) | 153,000 | |||||
Franchise (net) | 41,000 | |||||
Notes receivable | 255,000 | |||||
Interest receivable | 13,000 | |||||
Accumulated depreciation—building | 621,000 | |||||
Accumulated depreciation—equipment | 211,000 | |||||
Accounts payable | 190,000 | |||||
Dividends payable (payable on 1/16/2022) | 11,000 | |||||
Interest payable | 17,000 | |||||
Income Taxes payable | 41,000 | |||||
Deferred revenue | 61,000 | |||||
Notes payable | 302,000 | |||||
Allowance for uncollectible accounts | 9,000 | |||||
Common stock | 2,004,000 | |||||
Retained earnings | 162,000 | |||||
Totals | 3,629,000 | 3,629,000 | ||||
Additional information:
Required:
Prepare a classified balance sheet for Vosburgh at December 31,
2021. (Amounts to be deducted should be indicated by a
minus sign.)