Question

assirea balance sheet for the Excell Company at June 30, 2021. Include headings for each classifica tion, as well as titles for each classification's subtotal. An example of a classified balance sheet can be found in the Concept Review Exercise at the end of Part A of this chapter. The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporatio Account Title Debits Credits Cash $ 67,000 Short-term investments 182,000 Accounts receivable 123,000 Long-term investments 35,000 Inventory 215,000 Receivables from employees 40,000 Prepaid expenses (for 2022) 16,000 Land 280,000 Building 1,550,000 Equipment 637,000 Patent (net) 152,000 Franchise (net) 40,000 Notes receivable 250,000 Interest receivable 12,000 Accumulated depreciation-building $ 620,000 Accumulated depreciation-equipment 210,000 Accounts payable 189,000 Dividends payable (payable on 1/16/2022) 10,000 Interest payable 16,000 Income taxes payable 40,000 Deferred revenue 60,000 Notes payable 300,000 Allowance for uncollectible accounts 8,000 Common stock 2,000,000 Retained earnings 146,000 Totals $3,599,000 $3,599,000

Answer 1

Vosburgh Electronics Corporation
Balance sheet as of December 31, 2021
Particulars	Amount
Assets:
Current assets:
Cash and cash equivalents	117,000
Short term investment	132,000
Accounts Receivable, net of allowance for uncollectible accounts of $8000	115,000
Recievable from employees	40,000
Interest receivable	12,000
Notes receivable-current portion	50,000
Inventories	215,000
Prepaid expenses	16,000
Total current assets	697,000
Investments:
Notes Receivable	200,000
Long term investment	35,000
Total investment	235,000
Property, plant and equipment assets:
Land	280,000
Buildings	1,550,000
Equipment	637,000
less: accumulated depreciation	830,000
Net property, plant, and equipment	1,637,000
Intangible Assets	192,000
Total Assets	2,761,000
Liabilities:
Current liabilities:
Accounts payable	189,000
Dividends payable	10,000
Interest payable	16,000
Taxes payable	40,000
Unearned revenue	48,000
Notes payable	100,000
Total current liabilities	403,000
Long-term liabilities:
Notes payable	200,000
Unearned revenue	12,000
Total long-term liabilities	212,000
Total liabilities	615,000
Shareholders’ equity:
Common stock, no par value; shares authorized	1,000,000
Shares issued	500,000
Shares outstanding	500,000
Retained earnings	146,000
Total Owners Equity	2,146,000
Total Liabilities and Equity	2,761,000

Items that would require additional disclosure, either on the face of the balance sheet or in a disclosure note
Cash and cash equivalents	includes treasury stock amount and cash in hand
Short term investment	deducted $50,000
Accounts Receivable	deducted allowance for uncollectible accounts of $8000
Notes receivable	short term and long term
Property, plant and equipment assets:	with adjustment of depreciation
Unearned revenue	adjustment of both long term and short term (80% and 20%)
Notes payable	short term and long term
Shareholders’ equity: