Question

In: Accounting

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 payable 45,000
Deferred revenue 65,000
Notes payable 310,000
Allowance for uncollectible accounts 13,000
Common stock 2,020,000
Retained earnings 226,000
Totals 3,749,000 3,749,000


Additional information:

The common stock represents 1.5 million shares of no par stock authorized, 550,000 shares issued and outstanding.

The loans to employees are due on June 30, 2019.

The note receivable is due in installments of $55,000, payable on each September 30. Interest is payable annually.

Short-term investments consist of marketable equity securities that the company plans to sell in 2019 and $55,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2019. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year.

Deferred revenue represents customer payments for extended service contracts. Eighty percent of these contracts expire in 2019, the remainder in 2020.

Notes payable consists of two notes, one for $105,000 due on January 15, 2020, and another for $205,000 due on June 30, 2021.


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

Solutions

Expert Solution

Assets

Tangible Assets    1,687,000   (285,000+1600,000+642,000-625,000-215000)

Intangible assets    202,000     (157,000+45,000)

Investments            232,000     (192,000+40,000)

Inventory                      220000

Trade receivables        120,000 (133,000-13000)

Non current assets       220,000 (275000-55000)

Current Assets             215000     (77000+45000+21000+17000+55000)

Trade payables           -194,000

Current liabilities           -133,000 (15000+21000+45000+(.8*65000)

Non current liabilities     -323,000

Equity                             2020000

Retained earnings           226000


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