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
Answer: With the given information, the Balance Sheet of VOSBURGH ELECTRONICS CORPORATION as at December 31, 2021 is given below:
VOSBURGH ELECTRONICS CORPORATION | ||
Balance Sheet | ||
At December 31, 2021 | ||
Assets | ||
Current Assets: | ||
Cash and cash equivalent ($85,000 (Cash) +$59,000 (The note receivable) |
$1,44,000 | |
Marketable securities (Short-term investments-treasury bills purchased ) ($200,000-$59,000) |
$1,41,000 | |
Accounts receivables | $1,41,000 | |
Less: Allowance for uncollectible accounts | $17,000 | $1,24,000 |
Receivable from employees | $49,000 | |
Interest receivables | $21,000 | |
Note receivable | $59,000 | |
Inventory | $2,24,000 | |
Prepaid expenses | $25,000 | |
Total Current Assets (A) | $7,87,000 | |
Non-Current Assets: | ||
Long-term investment | $44,000 | |
Note receivables ($2,95,000-$59,000) | $2,36,000 | |
Land | $2,89,000 | |
Building | $16,40,000 | |
Less: Accumulated Depreciation-Building | $6,29,000 | $10,11,000 |
Equipment | $6,46,000 | |
Less: Accumulated Depreciation-Equipment | $2,19,000 | $4,27,000 |
Patent | $1,61,000 | |
Franchise | $49,000 | |
Total Non-Current Assets (B) | $22,17,000 | |
Total Assets (A+B) | $30,04,000 | |
Liabilities and Share holder's Equity | ||
Current Liabilities: | ||
Account payable | $1,98,000 | |
Dividend payable | $19,000 | |
Interest payable | $25,000 | |
Taxes payable | $49,000 | |
Revenue not earned {$69,000 X 25% (As per sl. no. 5 of additional information)} |
$17,250 | |
Total current liabilities (A) | $3,08,250 | |
Non-current liabilities: | ||
Notes payable | $3,18,000 | |
Add: Revenue not earned {$69,000 X 75% (As per sl. no. 5 of additional information)} |
$51,750 | |
Total Non-current liabilities (B) | $3,69,750 | |
Share holder's Equity: | ||
Common stock | $20,36,000 | |
Retained earnings | $2,90,000 | |
Total Share holder's Equity (C) | $23,26,000 | |
Total Liabilities and Share holder's Equity (A+B+C) | $30,04,000 |
I need help on fillkng out this chart for my review pracfuce problem. please show me...
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...
Please help very confused on this problem 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 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...
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...
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 2922) 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 69, eee 184,...
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...
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 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 69,800 184, eee 125,...
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 69,800 184, eee 125,...
i just need the answer for short term invetmeants The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2822) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2822) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Connon stock...