Reference no: EM132638600
Question - The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation.
Account Title Debits Credits
Cash 95,000
Short-term investments 210,000
Accounts receivable 151,000
Long-term investments 49,000
Inventory 229,000
Receivables from employees 54,000
Prepaid expenses (for 2022) 30,000
Land 294,000
Building 1,690,000
Equipment 651,000
Patent (net) 166,000
Franchise (net) 54,000
Notes receivable 320,000
Interest receivable 26,000
Accumulated depreciation-building 634,000
Accumulated depreciation-equipment 224,000
Accounts payable 203,000
Dividends payable (payable on 1/16/2022) 24,000
Interest payable 30,000
Income Taxes payable 54,000
Deferred revenue 74,000
Notes payable 328,000
Allowance for uncollectible accounts 22,000
Common stock 2,056,000
Retained earnings 370,000
Totals 4,019,000 4,019,000
Additional information:
1. The common stock represents 1.1 million shares of no par stock authorized, 640,000 shares issued and outstanding.
2. The receivables from employees are due on June 30, 2022.
3. The notes receivable are due in installments of $64,000, 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 $64,000 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 $114,000 due on January 15, 2023, and another for $214,000 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.)