The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash $ 67,000 Short-term investments 182,000 Accounts receivable 123,000 Long-term investments 35,000 Inventory 215,000 Receivables from employees 40,000 Prepaid expenses (for 2022) 16,000 Land 280,000 Building 1,550,000 Equipment 637,000 Patent (net) 152,000 Franchise (net) 40,000 Notes receivable 250,000 Interest receivable 12,000 Accumulated depreciation—building $ 620,000 Accumulated depreciation—equipment 210,000 Accounts payable 189,000 Dividends payable (payable on 1/16/2022) 10,000 Interest payable 16,000 Income taxes payable 40,000 Deferred revenue 60,000 Notes payable 300,000 Allowance for uncollectible accounts 8,000 Common stock 2,000,000 Retained earnings 146,000 Totals $ 3,599,000 $ 3,599,000 Additional information: The common stock represents 1 million shares of no par stock authorized, 500,000 shares issued and outstanding. The receivables from employees are due on June 30, 2022. The notes receivable are due in installments of $50,000, payable on each September 30. Interest is payable annually. Short-term investments consist of securities that the company plans to sell in 2022 and $50,000 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. Deferred revenue represents payments from customer for extended service contracts. Eighty percent of these contracts expire in 2022, the remainder in 2023. Notes payable consists of two notes, one for $100,000 due on January 15, 2023, and another for $200,000 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
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash $ 67,000 Short-term investments 182,000 Accounts receivable 123,000 Long-term investments 35,000 Inventory 215,000 Receivables from employees 40,000 Prepaid expenses (for 2022) 16,000 Land 280,000 Building 1,550,000 Equipment 637,000 Patent (net) 152,000 Franchise (net) 40,000 Notes receivable 250,000 Interest receivable 12,000 Accumulated depreciation—building $ 620,000 Accumulated depreciation—equipment 210,000 Accounts payable 189,000 Dividends payable (payable on 1/16/2022) 10,000 Interest payable 16,000 Income taxes payable 40,000 Deferred revenue 60,000 Notes payable 300,000 Allowance for uncollectible accounts 8,000 Common stock 2,000,000 Retained earnings 146,000 Totals $ 3,599,000 $ 3,599,000 Additional information: The common stock represents 1 million shares of no par stock authorized, 500,000 shares issued and outstanding. The receivables from employees are due on June 30, 2022. The notes receivable are due in installments of $50,000, payable on each September 30. Interest is payable annually. Short-term investments consist of securities that the company plans to sell in 2022 and $50,000 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. Deferred revenue represents payments from customer for extended service contracts. Eighty percent of these contracts expire in 2022, the remainder in 2023. Notes payable consists of two notes, one for $100,000 due on January 15, 2023, and another for $200,000 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
Financial Reporting, Financial Statement Analysis and Valuation
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ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
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Problem 20PC: Analyzing Transactions. Using the analytical framework, indicate the effect of the following related...
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The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation.
Account Title | Debits | Credits | ||||
Cash | $ | 67,000 | ||||
Short-term investments | 182,000 | |||||
Accounts receivable | 123,000 | |||||
Long-term investments | 35,000 | |||||
Inventory | 215,000 | |||||
Receivables from employees | 40,000 | |||||
Prepaid expenses (for 2022) | 16,000 | |||||
Land | 280,000 | |||||
Building | 1,550,000 | |||||
Equipment | 637,000 | |||||
Patent (net) | 152,000 | |||||
Franchise (net) | 40,000 | |||||
Notes receivable | 250,000 | |||||
Interest receivable | 12,000 | |||||
$ | 620,000 | |||||
Accumulated depreciation—equipment | 210,000 | |||||
Accounts payable | 189,000 | |||||
Dividends payable (payable on 1/16/2022) | 10,000 | |||||
Interest payable | 16,000 | |||||
Income taxes payable | 40,000 | |||||
Deferred revenue | 60,000 | |||||
Notes payable | 300,000 | |||||
Allowance for uncollectible accounts | 8,000 | |||||
Common stock | 2,000,000 | |||||
146,000 | ||||||
Totals | $ | 3,599,000 | $ | 3,599,000 | ||
Additional information:
- The common stock represents 1 million shares of no par stock authorized, 500,000 shares issued and outstanding.
- The receivables from employees are due on June 30, 2022.
- The notes receivable are due in installments of $50,000, payable on each September 30. Interest is payable annually.
- Short-term investments consist of securities that the company plans to sell in 2022 and $50,000 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.
- Deferred revenue represents payments from customer for extended service contracts. Eighty percent of these contracts expire in 2022, the remainder in 2023.
- Notes payable consists of two notes, one for $100,000 due on January 15, 2023, and another for $200,000 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
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