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The following is the ending balances of accounts at December 31, 2018 for the Valley Pump...

The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation.

Account Title Debits Credits
Cash 31,000
Accounts receivable 68,000
Inventories 93,000
Interest payable 16,000
Marketable securities 56,000
Land 132,000
Buildings 330,000
Accumulated depreciation—buildings 106,000
Equipment 87,000
Accumulated depreciation—equipment 31,000
Copyright (net of amortization) 18,000
Prepaid expenses (next 12 months) 38,000
Accounts payable 71,000
Deferred revenues (next 12 months) 26,000
Notes payable 280,000
Allowance for uncollectible accounts 6,000
Common stock 260,000
Retained earnings 57,000
Totals 853,000 853,000


Additional information:

  1. The $132,000 balance in the land account consists of $106,000 for the cost of land where the plant and office buildings are located. The remaining $26,000 represents the cost of land being held for speculation.
  2. The $56,000 in the marketable 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 $112,000 note due in six months and a $168,000 note due in three annual installments of $56,000 each, with the first payment due in August of 2019.


Required:
Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

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Expert Solution

ekkarill92 answered 2 years ago
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