Please help very confused on this problem
VOSBURGH ELECTRONICS CORPORATION | ||
Balance Sheet | ||
At December 31, 2021 | ||
Assets | ||
Current Assets: | ||
Cash and cash equivalents ($85000 + $59000) | 144000 | |
Short-term investments ($200000 - $59000) | 141000 | |
Accounts receivable | 141000 | |
Less Allowance for uncollectible accounts | -17000 | |
Net accounts receivable | 124000 | |
Notes receivable (current portion) | 59000 | |
Interest receivable | 21000 | |
Loans to employees | 49000 | |
Inventories | 224000 | |
Prepaid expenses | 25000 | |
Total current assets | 787000 | |
Investments: | ||
Long-Term Investments | 44000 | |
Notes receivable ($295000 - $59000) | 236000 | |
Total investments | 280000 | |
Property, Plant, and Equipment: | ||
Land | 289000 | |
Building | 1640000 | |
Equipment | 646000 | |
2575000 | ||
Less Accumulated depreciation-Building | -629000 | |
Less Accumulated depreciation-Equipment | -219000 | |
Net Property, Plant, and Equipment | 1727000 | |
Intangible Assets | ||
Patent | 161000 | |
Franchise | 49000 | |
Total Intangible Assets | 210000 | |
Total Assets $ | 3004000 | |
Liabilities and Shareholders' Equity | ||
Current Liabilities: | ||
Accounts payable | 198000 | |
Dividends payable | 19000 | |
Interest payable | 25000 | |
Income taxes payable | 49000 | |
Deferred revenue (current portion) (75% x $69000) | 51750 | |
Total current liabilities | 342750 | |
Long-Term Liabilities: | ||
Notes payable | 318000 | |
Deferred revenue (25% x $69000) | 17250 | |
Total long-term liabilities | 335250 | |
Total Liabilities | 678000 | |
Shareholders' Equity: | ||
Common Stock | 2036000 | |
Retained earnings | 290000 | |
Total shareholders' equity | 2326000 | |
Total Liabilities and Shareholders' Equity $ | 3004000 |
Please help very confused on this problem Problem 3-6 (Algo) Balance sheet preparation; disclosures (LO3-2, 3-3,...
er 3 - Graded Problem(s) { Saved Problem 3-6 (Algo) Balance sheet preparation; disclosures (LO3-2, 3-3, 3-4) The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. 3:28:25 Book Print erences 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...
Please fill out balance sheet 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...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 83,000 Short-term investments 198,000 Accounts receivable 139,000 Long-term investments 43,000 Inventory 223,000 Receivables from employees 48,000 Prepaid expenses (for 2022) 24,000 Land 288,000 Building 1,630,000 Equipment 645,000 Patent (net) 160,000 Franchise (net) 48,000 Notes receivable 290,000 Interest receivable 20,000 Accumulated depreciation—building 628,000 Accumulated depreciation—equipment 218,000 Accounts payable 197,000 Dividends payable (payable on 1/16/2022) 18,000 Interest payable 24,000 Income...
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...
Problem 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3) The following is the ending balances of accounts at June 30, 2021, for Excell Company, Credits $ Debits 99,000 81,000 296,000 48,000 91,000 336,000 $ 168,000 Account Title Cash Short-term investments Accounts receivable (net) Prepaid expenses (for the next 12 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Accounts payable Accrued liabilities Notes payable Mortgage payable Common stock Retained earnings Totals 273,000 128,000 181.000 53,000 116,000 270,000 180,000 128,000 $1,224,000 5...
please complete entire table Exercise 3.5 (Algo) Balance sheet preparation (LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Credits Debits $ 31,000 68,000 93,000 $ 16,000 56.000 132.000 330,000 106,000 87,000 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity Securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for...
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 103,000 218,000 159,000 53,000...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits Debits 75,000 190,000 131,000 39,000 219,000 44,000 20,000 284,000 1,590,000 641,000 156,000 44,000 270,000 16,000 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) Int est payable Income Taxes payable...
I need help on fillkng out this chart for my review pracfuce problem. please show me how it works and put mumbers in correct spots. it will help me prepare for my test Problem 3-6 (Algo) Balance sheet preparation; disclosures (LO3-2, 3-3, 3-4) The following is the ending balances of accounts at December 31 2021. for the Vosburgh Electronics Corporation Credits Debits 85. 20. 141. Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses...
Exercise 3-5 (Algo) Balance sheet preparation (LO3-2, 3-3) The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation 53 Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits $ 26,000 58,000 83,000 $ 11,000 46,000...