The following is the ending balances of accounts at December 31,
2021, for the Velectronics Corporation.
Account Title | Debits | Credits | ||||
Cash | 81,000 | |||||
Short-term investments | 196,000 | |||||
Accounts receivable | 137,000 | |||||
Long-term investments | 42,000 | |||||
Inventory | 222,000 | |||||
Receivables from employees | 47,000 | |||||
Prepaid expenses (for 2022) | 23,000 | |||||
Land | 287,000 | |||||
Building | 1,620,000 | |||||
Equipment | 644,000 | |||||
Patent (net) | 159,000 | |||||
Franchise (net) | 47,000 | |||||
Notes receivable | 285,000 | |||||
Interest receivable | 19,000 | |||||
Accumulated depreciation—building | 627,000 | |||||
Accumulated depreciation—equipment | 217,000 | |||||
Accounts payable | 196,000 | |||||
Dividends payable (payable on 1/16/2022) | 17,000 | |||||
Interest payable | 23,000 | |||||
Income Taxes payable | 47,000 | |||||
Deferred revenue | 67,000 | |||||
Notes payable | 314,000 | |||||
Allowance for uncollectible accounts | 15,000 | |||||
Common stock | 2,028,000 | |||||
Retained earnings | 258,000 | |||||
Totals | 3,809,000 | 3,809,000 | ||||
Additional information:
Required:
Prepare a classified balance sheet for Velectronics at December 31,
2021. (Amounts to be deducted should be indicated by a
minus sign.)
The following is the ending balances of accounts at December 31, 2021, for the Velectronics Corporation....
The following is the ending balances of accounts at December 31,
2021, for the VElectronics Corporation.
Account Title
Debits
Credits
Cash
81,000
Short-term investments
196,000
Accounts receivable
137,000
Long-term investments
42,000
Inventory
222,000
Receivables from employees
47,000
Prepaid expenses (for 2022)
23,000
Land
287,000
Building
1,620,000
Equipment
644,000
Patent (net)
159,000
Franchise (net)
47,000
Notes receivable
285,000
Interest receivable
19,000
Accumulated depreciation—building
627,000
Accumulated depreciation—equipment
217,000
Accounts payable
196,000
Dividends payable (payable on 1/16/2022)
17,000
Interest payable
23,000
Income Taxes...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 85,000 Short-term investments 200,000 Accounts receivable 141,000 Long-term investments 44,000 Inventory 224,000 Receivables from employees 49,000 Prepaid expenses (for 2022) 25,000 Land 289,000 Building 1,640,000 Equipment 646,000 Patent (net) 161,000 Franchise (net) 49,000 Notes receivable 295,000 Interest receivable 21,000 Accumulated depreciation—building 629,000 Accumulated depreciation—equipment 219,000 Accounts payable 198,000 Dividends payable (payable on 1/16/2022) 19,000 Interest payable 25,000 Income...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 85,000 Short-term investments 200,000 Accounts receivable 141,000 Long-term investments 44,000 Inventory 224,000 Receivables from employees 49,000 Prepaid expenses (for 2022) 25,000 Land 289,000 Building 1,640,000 Equipment 646,000 Patent (net) 161,000 Franchise (net) 49,000 Notes receivable 295,000 Interest receivable 21,000 Accumulated depreciation—building 629,000 Accumulated depreciation—equipment 219,000 Accounts payable 198,000 Dividends payable (payable on 1/16/2022) 19,000 Interest payable 25,000 Income...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 105,000 220,000 161,000 54,000 234,000 59,000 35,000 299,000 1,740, ө00 Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) 656,000 171,000 59,e00 345, 000 Notes receivable Interest receivable 31,000 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 cosburgh electronics corporation.
additional information
1. the common stock represents 1 million shares of no par stock
authorized, 500,000 shares issues and outstanding
2. the receivables from employees are due on June 30 2022
3. the notes receivables are due in installments of %50,000,
payable on each September 30. interest is payable annually.
4. short term investments consist of securities that the company
plans to sell...
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 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.
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 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,...