Question

In: Accounting

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

1.

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

Account Title Debits Credits
Cash 87,000
Short-term investments 202,000
Accounts receivable 143,000
Long-term investments 45,000
Inventory 225,000
Receivables from employees 50,000
Prepaid expenses (for 2022) 26,000
Land 290,000
Building 1,650,000
Equipment 647,000
Patent (net) 162,000
Franchise (net) 50,000
Notes receivable 300,000
Interest receivable 22,000
Accumulated depreciation—building 630,000
Accumulated depreciation—equipment 220,000
Accounts payable 199,000
Dividends payable (payable on 1/16/2022) 20,000
Interest payable 26,000
Income Taxes payable 50,000
Deferred revenue 70,000
Notes payable 320,000
Allowance for uncollectible accounts 18,000
Common stock 2,040,000
Retained earnings 306,000
Totals 3,899,000 3,899,000


Additional information:

  1. The common stock represents 1.4 million shares of no par stock authorized, 600,000 shares issued and outstanding.
  2. The receivables from employees are due on June 30, 2022.
  3. The notes receivable are due in installments of $60,000, payable on each September 30. Interest is payable annually.
  4. Short-term investments consist of securities that the company plans to sell in 2022 and $60,000 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.
  5. Deferred revenue represents payments from customer for extended service contracts. Seventy five percent of these contracts expire in 2022, the remainder in 2023.
  6. Notes payable consists of two notes, one for $110,000 due on January 15, 2023, and another for $210,000 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 sign.)

Solutions

Expert Solution


Related Solutions

The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics...
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...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 91,000 Short-term investments 206,000 Accounts receivable 147,000 Long-term investments 47,000 Inventory 227,000 Receivables from employees 52,000 Prepaid expenses (for 2022) 28,000 Land 292,000 Building 1,670,000 Equipment 649,000 Patent (net) 164,000 Franchise (net) 52,000 Notes receivable 310,000 Interest receivable 24,000 Accumulated depreciation—building 632,000 Accumulated depreciation—equipment 222,000 Accounts payable 201,000 Dividends payable (payable on 1/16/2022) 22,000 Interest payable 28,000 Income...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 87,000 Short-term investments 202,000 Accounts receivable 143,000 Long-term investments 45,000 Inventory 225,000 Receivables from employees 50,000 Prepaid expenses (for 2022) 26,000 Land 290,000 Building 1,650,000 Equipment 647,000 Patent (net) 162,000 Franchise (net) 50,000 Notes receivable 300,000 Interest receivable 22,000 Accumulated depreciation—building 630,000 Accumulated depreciation—equipment 220,000 Accounts payable 199,000 Dividends payable (payable on 1/16/2022) 20,000 Interest payable 26,000 Income...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 89,000 Short-term investments 204,000 Accounts receivable 145,000 Long-term investments 46,000 Inventory 226,000 Receivables from employees 51,000 Prepaid expenses (for 2022) 27,000 Land 291,000 Building 1,660,000 Equipment 648,000 Patent (net) 163,000 Franchise (net) 51,000 Notes receivable 305,000 Interest receivable 23,000 Accumulated depreciation—building 631,000 Accumulated depreciation—equipment 221,000 Accounts payable 200,000 Dividends payable (payable on 1/16/2022) 21,000 Interest payable 27,000 Income...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 105,000 Short-term investments 220,000 Accounts receivable 161,000 Long-term investments 54,000 Inventory 234,000 Receivables from employees 59,000 Prepaid expenses (for 2022) 35,000 Land 299,000 Building 1,740,000 Equipment 656,000 Patent (net) 171,000 Franchise (net) 59,000 Notes receivable 345,000 Interest receivable 31,000 Accumulated depreciation—building 639,000 Accumulated depreciation—equipment 229,000 Accounts payable 208,000 Dividends payable (payable on 1/16/2022) 29,000 Interest payable 35,000 Income...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 91,000 Short-term investments 206,000 Accounts receivable 147,000 Long-term investments 47,000 Inventory 227,000 Receivables from employees 52,000 Prepaid expenses (for 2022) 28,000 Land 292,000 Building 1,670,000 Equipment 649,000 Patent (net) 164,000 Franchise (net) 52,000 Notes receivable 310,000 Interest receivable 24,000 Accumulated depreciation—building 632,000 Accumulated depreciation—equipment 222,000 Accounts payable 201,000 Dividends payable (payable on 1/16/2022) 22,000 Interest payable 28,000 Income...
The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics Corporation.   Account Title Debits Credits   Cash 97,000   Short-term investments 212,000   Accounts receivable 153,000   Long-term investments 50,000   Inventories 230,000   Loans to employees 55,000   Prepaid expenses (for 2017) 31,000   Land 295,000   Building 1,700,000   Machinery and equipment 652,000   Patent 167,000   Franchise 55,000   Note receivable 325,000   Interest receivable 27,000   Accumulated depreciation—building 635,000   Accumulated depreciation—equipment 225,000   Accounts payable 204,000   Dividends payable (payable on 1/16/17) 25,000   Interest payable 31,000   Taxes...
The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics Corporation.   Account Title Debits Credits   Cash 105,000   Short-term investments 220,000   Accounts receivable 161,000   Long-term investments 54,000   Inventories 234,000   Loans to employees 59,000   Prepaid expenses (for 2017) 35,000   Land 299,000   Building 1,740,000   Machinery and equipment 656,000   Patent 171,000   Franchise 59,000   Note receivable 345,000   Interest receivable 31,000   Accumulated depreciation—building 639,000   Accumulated depreciation—equipment 229,000   Accounts payable 208,000   Dividends payable (payable on 1/16/17) 29,000   Interest payable 35,000   Taxes...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 77,000 Short-term investments 192,000 Accounts receivable 133,000 Long-term investments 40,000 Inventories 220,000 Loans to employees 45,000 Prepaid expenses (for 2019) 21,000 Land 285,000 Building 1,600,000 Machinery and equipment 642,000 Patent 157,000 Franchise 45,000 Note receivable 275,000 Interest receivable 17,000 Accumulated depreciation—building 625,000 Accumulated depreciation—equipment 215,000 Accounts payable 194,000 Dividends payable (payable on 1/16/19) 15,000 Interest payable 21,000 Taxes...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 77,000 Short-term investments 192,000 Accounts receivable 133,000 Long-term investments 40,000 Inventories 220,000 Loans to employees 45,000 Prepaid expenses (for 2019) 21,000 Land 285,000 Building 1,600,000 Machinery and equipment 642,000 Patent 157,000 Franchise 45,000 Note receivable 275,000 Interest receivable 17,000 Accumulated depreciation—building 625,000 Accumulated depreciation—equipment 215,000 Accounts payable 194,000 Dividends payable (payable on 1/16/19) 15,000 Interest payable 21,000 Taxes...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT