Question

The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 105,000 220,000 161,000 54,000 234,000 59,000 35,000 299,000 1,740, ө00 Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) 656,000 171,000 59,e00 345, 000 Notes receivable Interest receivable 31,000 Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue 639,000 229,000 208,000 29,000 35,000 59,000 79,e00 338,000 27,000 2,076,e00 450,000 Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 4,169,e00 4,169,000

Answer 1

VOSBURGH ELECTRONICS CORPORATION Balance Sheet At December 31, 2020
Assets
Current assets
Cash and cash equivalents	174000
Marketable securities	151000
Accounts receivable (net) (161000-27000)	134000
Receivables from employees	59000
Interest receivable	31000
Note receivable—current portion	69000
Inventories	234000
Prepaid expenses	35000
Total current assets		887000
Investments
Marketable securities	54000
Note receivable (345000-69000)	276000
Total investments		330000
Property, plant, and equipment
Land	299000
Buildings	1740000
Equipment	656000
	2695000
Less: Accumulated depreciation-buildings	(639000)
Less: Accumulated depreciation-equipment	(229000)
Net property, plant, and equipment		1827000
Intangible assets
Patent	171000
Franchise	59000
Total intangible assets		230000
Total assets		$3274000
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable	208000
Dividends payable	29000
Interest payable	35000
Taxes payable	59000
Deferred revenue (79000*80%)	63200
Total current liabilities		394200
Long-term liabilities
Notes payable	338000
Deferred revenue (79000*20%)	15800
Total long-term liabilities		353800
Total liabilities		748000
Shareholders' equity
Common stock	2076000
Retained earnings	450000
Total shareholders' equity		2526000
Total liabilities and shareholders' equity		$3274000

Cash and cash equivalents:

$105,000 + $69,000 in treasury bills considered a cash equivalent = $174,000.

Marketable securities:

$220,000 – $69,000 in treasury bills considered a cash equivalent = $151,000.

Deferred revenue:

$79,000 in deferred revenue, 80%, $63200, current and 20%, $15800, long-term.

Common stock:

Common stock, no par value; 1,600,000 shares authorized; 690,000 shares issued and outstanding =$2,076,000.