Question

er 3 - Graded Problem(s) { Saved Problem 3-6 (Algo) Balance sheet preparation; disclosures (LO3-2, 3-3, 3-4) The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. 3:28:25 Book Print erences 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 Credits 69,000 184,000 125,000 36,000 216,000 41,000 17,000 281,000 1,560,000 638,000 153,000 41,000 255,000 13,000 621,000 211,000 190,000 11,000 17,000 41,000 61,000 302,000 9,000 2,004,000 162,000 3,629,000 3,629,000 Additional information: 1. The common stock represents 11 million shares of no par stock authorized, 510,000 shares issued and outstanding, C zaw Prau

Answer 1

Note : Please comment down for any further clarifications $ $ 120,000 133,000 Vosbourgh Electronics Corporation Balance Sheet At December 31, 2021 Assets Current assets Cash and Cash equivalents Short term investments Accounts Receivable $ 125,000 Allowance for uncollectible accounts $ (9,000 Net accounts receivable Receivable from employees Inventory Prepaid expenses Interest receivable Notes Receivable $ $ $ $ $ $ 116,000 41,000 216,000 17,000 13,000 51,000 $ 707,000 Total Current assets Investments : Long term investments Notes Receivable $ $ 36,000 204,000 $ 240,000 Total iNvestments Property plant and Equipment Land Buildings Equipment $ $ $ $ $ $ 281,000 1,560,000 638,000 2,479,000 (621,000) (211,000) $ 1,647,000 Less : Accumulated depreciation - buildings Less : Accumulated depreciation - equipment Net Property, plant and Equipment Intangible assets : Patent (net) Franchise (net) Total intangible asset Total Assets $ $ 153,000 41,000 $ $ 194,000 2,788,000 Liabilities and stockholders Equity Current liabilities : Accounts payable Dividends payable Interest Payable Income taxes payable Unearned Revenue Total Current Liabilities Long Term Liabilities Notes Payable Unearned Revenue Total Long Term Liabilities $ $ $ $ $ $ 190,000 11,000 17,000 41,000 45,750 304,750 $ $ 302,000 15,250 $ 317,250 Shareholder's Equity Common Stock Retained Earning Total Shareholder's equity $ 2,004,000 $ 162,000 $ 2,166,000 Total Liabilities and Shareholder's Fund $ 2,788,000