Reference no: EM132669287
Question - The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation.
Cash $44,000
Accounts receivable 94,000
Inventory 119,000
Interest payable $ 29,000
Investment in equity securities 82,000
Land 158,000
Buildings 395,000
Accumulated depreciation-buildings 119,000
Equipment 113,000
Accumulated depreciation-equipment 44,000
Copyright (net) 31,000
Prepaid expenses (next 12 months) 51,000
Accounts payable 84,000
Deferred revenue (next 12 months) 39,000
Notes payable 345,000
Allowance for uncollectible accounts 6,000
Common stock 390,000
Retained earnings 31,000
Additional Information:
1. The $158,000 balance in the land account consists of $119,000 for the cost of land where the plant and office buildings are located. The remaining $39,000 represents the cost of land being held for speculation.
2. The $82,000 balance in the investment in equity 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 $138,000 note due in six months and a $207,000 note due in three annual installments of $69,000 each, with the first payment due in August of 2022.
Required - Make a classified balance sheet for the Valley Pump Corporation at December 31, 2021. Use the additional information to help determine appropriate classifications and account balances.
|
Compute the insurance expense
: At the end of 2021, after adjusting entries were recorded. The balance in the prepaid insurance account was $50,000. Compute the insurance expense for 2021
|
|
Prepare a statement of changes in shareholder equity
: Prepare a Statement of Changes in Shareholder's Equity for Crow's Be Gone Ltd. Ensure you show your calculations clearly
|
|
Prepare to bank reconciliation statement
: Bank profit was not recorded in cash book Rs. 90. Prepare to bank reconciliation statement showing the corrected balance of cash at bank as on December 31, 1990
|
|
Calculate the times interest earned ratio
: The company's 2021 income reported the following amounts ($ in thousands): Net sales $5,200. Calculate the times interest earned ratio
|
|
Make a classified balance sheet for Valley Pump Corporation
: The notes payable account consists of a $138,000 note due in six months. Make a classified balance sheet for the Valley Pump Corporation at December 31, 2021
|
|
Prepare the corresponding ledger record
: Using the data presented to you in the following transaction, prepare the corresponding ledger record: On May 25, 50% of the debt incurred on May 20 was paid
|
|
How will this debt be accounted for
: Delta Company recently borrowed $200,000 from FoxTrot. In consolidating the financial records of the two companies, how will this debt be accounted for
|
|
Calculate Robert maximum deductible employment expenses
: Cost of rented computer, printer, fax and photocopy machine $1,630. Calculate Robert's maximum 2020 deductible employment expenses for tax purposes
|
|
What is net income for May
: Received May's piano rental bill of $250 and set it aside for payment in June. Assuming that the company uses cash basis accounting, what is net income for May
|