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 105,000 220,000 161,000 54,000 234,000 59,000 35,000 299,000 1,740,000 656,000 171,000 59,000 345,000 31,000 639,000 229,000 208,000 29,000 35,000 59,000 79,000 338,000 27,000 2,076,000 450,000 4,169,000 4,169,000
Please fill out balance sheet

Answer 1

solution: 174000 151000 VOSBURGH ELECTRONICS CORPORATION Balance Sheet At December 31, 2018 Assets Current assets Cash and cash equivalents=105000+69000 Marketable securities=220000-69000 Accounts receivable (Gross) Less : Allowance for uncollectible accounts Net Accounts receivable Receivables from employees Interest receivable Note receivable-current portion Inventories Prepaid expenses 161000 -27000 134000 59000 31000 69000 234000 35000 887000 Total current assets Investments Marketable securities Note receivable=345000-69000 54000 276000 Total investments 330000 Property, plant, and equipment Land 299000 Buildings 1740000 Machinery and equipment 656000 Less: Accumulated depreciation-buildings -639000 Less: Accumulated depreciation-equipment -229000 Net property, plant, and equipment 1827000

Intangible assets Patent Franchise Total intangible assets Total assets 171000 59000 230000 3274000 Liabilities and Shareholders' Equity Current liabilities Accounts payable Dividends payable Interest payable Taxes payable Deferred revenue=79000*0.8 Total current liabilities 208000 29000 35000 59000 63200 394200 Long-term liabilities Notes payable Deferred revenue=79000*0.2 Total long-term liabilities 338000 15800 353800 Total liabilities 748000 Shareholders' equity Common stock Retained earnings 2076000 450000 Total shareholders' equity Total liabilities and shareholders' equity 2526000 3274000