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lolah7516
lolah7516
20.09.2021 • 
Business

The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 107,000 Short-term investments 222,000 Accounts receivable 163,000 Long-term investments 55,000 Inventory 235,000 Receivables from employees 60,000 Prepaid expenses (for 2022) 36,000 Land 300,000 Building 1,750,000 Equipment 657,000 Patent (net) 172,000 Franchise (net) 60,000 Notes receivable 350,000 Interest receivable 32,000 Accumulated depreciation—building 640,000 Accumulated depreciation—equipment 230,000 Accounts payable 209,000 Dividends payable (payable on 1/16/2022) 30,000 Interest payable 36,000 Income Taxes payable 60,000 Deferred revenue 80,000 Notes payable 340,000 Allowance for uncollectible accounts 28,000 Common stock 2,080,000 Retained earnings 466,000 Totals 4,199,000 4,199,000 Additional information: The common stock represents 1.7 million shares of no par stock authorized, 700,000 shares issued and outstanding. The receivables from employees are due on June 30, 2022. The notes receivable are due in installments of $70,000, payable on each September 30. Interest is payable annually. Short-term investments consist of securities that the company plans to sell in 2022 and $70,000 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 $120,000 due on January 15, 2023, and another for $220,000 due on June 30, 2024. Required: Prepare a classified balance sheet for Vosburgh at December 31, 2021. (Amounts to be d

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