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 in 2022 and %50,000 in treasaury bills purchased on December 15 of the current year that mature on February 15, 2022. Long term investments consist of securities that the company does not plan to sell in the enxt year.
5. deferred revenue represents payments from customer for extended service contracts. eighty percent of these contracts expire in 2022, the remainder in 2023.
6. notes payable consists of two notes, one for $100m000 due on January 15, 2023, and another for $200,000 due on June 30, 2024
Required:
1. prepare a classified balance sheet for vosburgh at December 31, 2021. include headings for each classification, as well as titles for each classification's subtotal.
2. indentify the items that would require additional disclosure, either on the face of the balance sheet or in a disclosure note.
Ans:
Classified balance sheet for vosburgh at December 31, 2021
ASSETS | Amount | Amount |
Current Assets | ||
Cash | $67,000 | |
Marketable securities (Short term) | $132,000 | |
Accounts receivable (net) ($123000-$8000) | $115000 | |
Treasury Bills | $50000 | |
Receivables from employees | $40000 | |
Interest receivable | $12000 | |
Note receivable—current portion ($250000-$200000) | $50000 | |
Inventories | $215000 | |
Prepaid expenses | $16000 | |
Total current assets | $697000 | |
Non Current assets | ||
Marketable securities | $35000 | |
Note receivable (250000-50000) | $200000 | |
Franchise | $40000 | |
Patents | $152000 | |
Land | $280000 | |
Machinery and Equipment $637000 | ||
Less: Accumulated Depreciation ($210000) | $427000 | |
Buildings $1550000 | ||
Less: Accumulated Depreciation ($620000) | $930000 | |
Total Non Current Assets | $2064000 | |
(A)Total Assets | $2761000 | |
Current Liabilities | ||
Accounts Payable | $189,000 | |
Taxes Payable | $40,000 | |
Deferred Revenue | $48,000 | |
Interest Payable | $16,000 | |
Dividends Payable | $10,000 | |
Total Current Liabilities | $303000 | |
Non Current Liabilities | ||
Deferred Revenue | $12,000 | |
Notes Payable | $300,000 | |
Total Non Current Liabilities | $312000 | |
(B)Total Liabilities | $615000 | |
Equity | ||
Common Stock | $2,000,000 | |
Retained Earnings | $146,000 | |
(C)Total Equity | $2146000 | |
Total Equity + Liabilities (B + C) | $2761000 |
Cash
Marketable Securities
Treasury Bills
Accounts Receivable
Inventory
Prepaid Expenses
Note Receivable
Interest Receivable
Loans to Employees
Land
Machinery and Equipment
Accum Depreciation
Buildings
Accum Depreciation
Patents
Franchise
Note Receivable
Marketable Securities Long Term
Accounts Payable
Taxes Payable
Deferred Revenue
Interest Payable
Dividends Payable
Deferred Revenue
Notes Payable
Common Stock
Retained Earnings
the following is the ending balances of accounts at december 31, 2021 for the cosburgh electronics...
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 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. 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 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 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 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,...