The following is the ending balances of accounts at December 31, 2024, 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 2025) 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 1/16/2025) 21,000 Interest payable 27,000 Income taxes payable 51,000 Deferred revenue 71,000 Notes payable 322,000 Allowance for uncollectible accounts 19,000 Common stock 2,044,000 Retained earnings 322,000 Totals $ 3,929,000 $ 3,929,000 Additional information: The receivables from employees are due on June 30, 2025. The notes receivable are due in installments of $61,000, payable on each September 30. Interest is payable annually. Short-term investments consist of securities that the company plans to sell in 2025 and $61,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2025. Long-term investments consist of securities that the company does not plan to sell in the next year. Deferred revenue represents payments from customers for extended service contracts. Eighty percent of these contracts expire in 2025, the remainder in 2026. Notes payable consists of two notes, one for $111,000 due on January 15, 2026, and another for $211,000 due on June 30, 2027. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign.
The following is the ending balances of accounts at December 31, 2024, 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 2025) 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 1/16/2025) 21,000 Interest payable 27,000 Income taxes payable 51,000 Deferred revenue 71,000 Notes payable 322,000 Allowance for uncollectible accounts 19,000 Common stock 2,044,000 Retained earnings 322,000 Totals $ 3,929,000 $ 3,929,000 Additional information: The receivables from employees are due on June 30, 2025. The notes receivable are due in installments of $61,000, payable on each September 30. Interest is payable annually. Short-term investments consist of securities that the company plans to sell in 2025 and $61,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2025. Long-term investments consist of securities that the company does not plan to sell in the next year. Deferred revenue represents payments from customers for extended service contracts. Eighty percent of these contracts expire in 2025, the remainder in 2026. Notes payable consists of two notes, one for $111,000 due on January 15, 2026, and another for $211,000 due on June 30, 2027. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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The following is the ending balances of accounts at December 31, 2024, for the Vosburgh Electronics Corporation.
Account Title | Debits | Credits |
---|---|---|
Cash | $ 89,000 | |
Short-term investments | 204,000 | |
145,000 | ||
Long-term investments | 46,000 | |
Inventory | 226,000 | |
Receivables from employees | 51,000 | |
Prepaid expenses (for 2025) | 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 | |
$ 631,000 | ||
Accumulated depreciation—equipment | 221,000 | |
Accounts payable | 200,000 | |
Dividends payable (payable on 1/16/2025) | 21,000 | |
Interest payable | 27,000 | |
Income taxes payable | 51,000 | |
Deferred revenue | 71,000 | |
Notes payable | 322,000 | |
Allowance for uncollectible accounts | 19,000 | |
Common stock | 2,044,000 | |
322,000 | ||
Totals | $ 3,929,000 | $ 3,929,000 |
Additional information:
- The receivables from employees are due on June 30, 2025.
- The notes receivable are due in installments of $61,000, payable on each September 30. Interest is payable annually.
- Short-term investments consist of securities that the company plans to sell in 2025 and $61,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2025. Long-term investments consist of securities that the company does not plan to sell in the next year.
- Deferred revenue represents payments from customers for extended service contracts. Eighty percent of these contracts expire in 2025, the remainder in 2026.
- Notes payable consists of two notes, one for $111,000 due on January 15, 2026, and another for $211,000 due on June 30, 2027.
Required:
Prepare a classified balance sheet for Vosburgh at December 31, 2024.
Note: Amounts to be deducted should be indicated by a minus sign.
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