Question

The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits 71,000 186,000 127,000 37,000 217,000 42,000 18,000 282,000 1,570,000 639,000 154,000 42,000 260,000 14,000 622,000 212,000 191,000 12,000 18,000 42,000 62,000 304,000 10,000 2,008,000 178,000 3,659,000 3,659,000 Additional information: 1. The common stock represents 1.2 million shares of no par stock authorized, 520,000 shares issued and outstanding. 2. The receivables from employees are due on June 30, 2022. 3. The notes receivable are due in installments of $52,000, 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 $52,000 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. Eighty percent of these contracts expire in 2022, the remainder in 2023. 6. Notes payable consists of two notes, one for $102,000 due on January 15, 2023, and another for $202,000 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.)

The blue highlighted box is where you have to put the amount, so like the assets, the first 2 accounts goes on the credit side and then the second 2 accounts is in the debit side. This is reposted because the first person had the whole ASSETS part incorrect, but the LIABILITIES AND SHAREHOLDER'S EQUITY, they got it correct, unless you find another missing account etc.,

Answer 1

| PAGE NO Tooco VOS DURCH ELECTRONICS CORPORATION BALANCE SHEAGEN elt December 31, pool in & Assets Current Assets Ceish and Cash Equivalents : Cash Hloro Preanay bills 52000 23000 tes. Allowalue for m trade and other Receivables: Al Recevable 127000 18tero ollectable account Prepaid Expenses 1800r Shost teme Lucshments (186000-5200) 13 you Inveufories 217000 Note Receivable 52000 Receivables from Employces 42000 14000 Interest Receivable po feel current Asset 727000 37000 long term Investments Notes Receivable (260000-sen) 208oor fixed Assets i Tangible Assete : Land 252000 Building 1570000 639000 &uipient 49000 Accumulated in épocifrett 622000 21 2000 834000 Soolo

14000 196000 1853000 12815000 Igloo 12000 Dutaregible Assets a Patent (Wet) franchises (Net) Total fixed Assets Total Assets licebilitles and Slovelvolder's quity Cusseud liabilities Accounts Payable Dividend Payable Interest Payable Income tax perjeeble Deferred Revenue Total current licebilities long term liabilities: Lefereed Reveive (620w x204.) Notes Payable Total long terme liabilities Total liabilities Shareholder's Equity & Common stacle 200 soro Retained Earnings 17800 Isus 42uo 4960 312600 - 12400 304000 1316400 629000 Trogol shareholders &preity Total liabilities & Sh. Equity 2186oro 12885000