Question

CAILIDE 3-9 Miyu Daimle be prepaiduum (LUS-2, 3-3) Hook The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Debits Credits Cash $ Accounts receivable 44,000 94,000 Inventory 119,000 Interest payable $ 29,000 Investnent in equity securities 82,000 Land 158,000 Buildings 395,000 Accumulated depreciation-buildings 119,000 Equipment 113,000 Accumulated depreciation equipment 44,000 Copyright (net) 31,600 Prepaid expenses (next 12 months) 51,600 Accounts payable 84,000 Deferred revenue (next 12 months) 39,000 Notes payable 345,000 Allowance for uncollectible accounts 6,000 Common stock 390,000 Retained earnings 31,000 Totals $1,087,000 $1,087,000 rences Additional Information: 1 The $158,000 balance in the land account consists of $119,000 for the cost of land where the plant and office buildings are located The remaining $39,000 represents the cost of land being held for speculation 2. The $82,000 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 $138,000 note due in six months and a $207,000 note due in three annual installments of $69,000 each, with the first payment due in August of 2022 < Prev 7 of 15 Next >

Answer 1

Answer-:

Classified balance sheet for Valley Pump Corporation-:

44000 41000 94000 -6000 119000 51000 Valley Pump Corporation Balance sheet 31-Dec-21 Assets Current Assets: Cash Short Term Investment in Equity Securities Accounts Receivables Less: Allowance for uncollectible accounts Inventory Prepaid Expense Total Current Assets Investments: Investment in Equity Securities Land Total Investments Property, plant and Equipment Land Buildings Less: Accumulated Depreciation- Buildings Equipment Less: Accumulated Depreciation Equipment Total Property, Plant and Equipment 343000 41000 39000 80000 119000 395000 -119000 113000 -44000 464000

464000 Total Property, Plant and Equipment Intangible Assets: Copyright (Net) 31000 918000 Total Assets Liabilities and Stockholder's Equity Current Liabilities: Accounts Payable 84000 Deferred Revenue 39000 Interest Payable 29000 Notes Payable (138000+69000) 207000 Total Current Liabilities Long Term Debt: Notes Payable 138000 Total Liabilities 359000 138000 Stockholder's Equity: Common Stock Retained Earnings Total Stockholder's Equity 390000 31000 421000 Total Liabilities and Stockholder's Equity 918000

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