Question

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 uncollectible accounts Common stock Retained earnings Totals 31,000 18,000 38,000 71,000 26,000 280,000 6,000 260.000 57,000 $853,000 $853,000 Additional Information: 1. The $132,000 balance in the land account consists of $106,000 for the cost of land where the plant and office buildings are located The remaining $26,000 represents the cost of land being held for speculation 2. The $56,000 balance in the investment in equity securities account represents an investment in the common stock of another corporation. Valley intends to sell one-half of the stock within the next year. 3. The notes payable account consists of a $112,000 note due in six months and a $168,000 note due in three annual installments of $56.000 each, with the first payment due in August of 2022

Answer 1

Valley Pump Corporation
Balance Sheet
At December 31, 2021
Assets
Current Assets		Amount
Cash & Cash Equivalents		31000
Acccounts Receivable	68000
Less: Allowance for uncollectible accounts	-6000	62000
Inventory		93000
Short term Investments*		28000
Prepaid Expenses		38000
Total Current Assets		252000
Investments
- Equity*		28000
-Land**		26000
Total Current Assets		54000
Property, Plant & Equipment
Land		106000
Buildings	330000
Less: Accummulated Depreciation	-106000	224000
Equipment	87000
Less: Accummulated Depreciation	-31000	56000
Net Property, Plant & Equipment		386000
Intangible
Copyright		18000
Total Intangible Assets		18000
Total Asset		710000
Liabilities and Shareholder's Equity
Current Liabilities
Accounts Payable		71000
Deferred Revenue		26000
Notes Payable***		168000
Interest Payable		16000
Total Current Liabilities		281000
Long-term Liabilities
Notes Payable		112000
Total Long-term liabilities		112000
Total Liabilities		393000
Shareholder's Equity
Common Stock		260000
Retained Earnings		57000
Total Shareholder's Equity		317000
Total Liabilites and Shareholder's Equity		710000

*Investment for $28000 is treated as short term as Valley, intends to sale the same within 12 months.

**Land held for speculation shall be treated as "Investments"

*** Notes payable of $112000 ($56000*2) shall be treated as long-term as the same is not payable within a period of 12months