Question

The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Cash 71,000 186,000 127,000 37,000 217,000 42,000 18,000 282,000 ,570,000 639,000 154,000 42,000 260,000 14,000 Short-term inveatmenta Accounta receivable Long-term investment Inventorien Loans to employeen Prepaid expenses (for 2019) Land Building Machinery and equipment Patent Pranchise Note receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/19) Interest payable Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts 622,000 212,000 191,000 12,000 18,000 42,000 62,000 304,000 10,000 2,008,000 178,000 Common stock Retained earning Totals 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 loans to employees are due on June 30, 2019. 3. The note receivable is due in installments of $52,000, payable on each September 30. Interest is payable annually 4. Short-term investments consist of marketable equity securities that the company plans to sell in 2019 and $52,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2019. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year. 5. Deferred revenue represents customer payments for extended service contracts. Eighty percent of these contracts expire in 2019, the remainder in 2020. Notes payable consists of two notes, one for $102,000 due on January 15, 2020, and another for $202,000 due on June 30, 2021. 6.

Answer 1

Balance sheet is one of the financial statement of the company which shows the assets, liabilities and shareholders equity.
Assets are classified as current assets and non current assets based on the time period for which they are held
Current assets are assets which held for less than one year after the fiscal period and non current assets which are held for more than one year
Liabilities are also classified as current liabilities and non current liabilities. Current liabilities are the one which are held for less than one year after the fiscal period
Non current liabilities are held for more than one year
Shareholders equity includes shares issued and outstanding of the company and the reserves of the company
Vosburgh Electronics Corporation
Balance sheet
At December 31, 2018
Assets
Current assets:
Cash and cash equivalents		$71,000
Marketable securities		$186,000
Accounts receivable (net)	$127,000
Less : Allowance for doubtful debts	-$10,000	$117,000
Loans to employees		$42,000
Interest receivable		$14,000
Note receivable - current portion		$52,000
Inventories		$217,000
Prepaid expenses		$18,000
Total current assets			$717,000
Investments:
Marketable securities		$37,000
Note receivable		$208,000
Total Investments			$245,000
Property, plant and equipment
Land		$282,000
Buildings	$1,570,000
Less : accumulated depreciation	-$622,000	$948,000
Machinery and equipment	$639,000
Less : accumulated depreciation	-212000	$427,000
Net property, plant and equipment			$1,657,000
Intangible assets
Patent		$154,000
Franchise		$42,000
Total Intangible assets			$196,000
Total assets			$2,815,000
Liabilities and shareholders equity
Current liabilities
Accounts payable		$191,000
Dividend payable		$12,000
Interest payable		$18,000
Taxes payable		$42,000
Deferred revenue		$49,600		(80000*80%)
Total current liabilities			$312,600
Long term liabilities
Notes payable		$304,000
Deferred revenue		$12,400		(80000*20%)
Total long term liabilities			$316,400
Shareholders equity
Common stock, no par value , 1,200,000 authorized
520,000 shares issued and outstanding		$2,008,000
Retained earnings		$178,000
Total shareholders equity			$2,186,000
Total liabilities and shareholders equity			$2,815,000