Question

E3 0 Seved Account Title Credits Debits 73,000 188,000 129, eee 38,000 218,000 43, ece 19,000 283,000 1,580, eee 640,000 155,000 43,000 265,000 15,000 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 623,000 213,000 192,000 13,000 19,000 43,000 63,000 306,000 11,000 2,012,000 194,000 3,689,000 3,689,000 Additional information: 1. The common stock represents 1.3 million shares of no par stock authorized, 530,000 sha 2. The receivables from employees are due on June 30, 2022 3. The notes receivable are due in installments of $53,000, payable on each September 30 4. Short-term investments consist of securities that the company plans to sell in 2022 and 9 December 15 of the current year that mature on February 15, 2022. Long-term investmer does not plan to sell in the next year. 5. Deferred revenue represents payments from customer for extended service contracts. S 2022, the remainder in 2023. 6. Notes payable consists of two notes, one for $103,000 due on January 15, 2023, and a Pequired: repare a classified balance sheet for Vosburgh at December 31, 2021. (Amounts to be d < Prev 3 of 5

Answer 1

Current assets:
Cash and cash equivalents ($73,000+$53,000)		$       126,000
Marketable securities ($188,000-$53,000)		$       135,000
Accounts receivable (net) $129,000-$11,000		$       118,000
Loans to employees		$ 43,000
Interest receivable		$ 15,000
Note receivable—current portion		$ 53,000
Inventories		$       218,000
Prepaid expenses		$ 19,000
Total current assets		$ 727,000
Investments:
Marketable securities	$ 38,000
Note receivable ($265,000-$53,000)	$       212,000
Total investments		$ 250,000
Property, plant, and equipment:
Land	$       283,000
Buildings	$   1,580,000
Machinery and equipment	$       640,000
	$   2,503,000
Less: Accumulated depreciation	$     -836,000
Net property, plant, and equipment		$   1,667,000
Intangible assets:
Patent	$       155,000
Franchise	$ 43,000
Total intangible assets		$ 198,000
Total assets		$ 2,842,000
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable		$ 192,000
Dividends payable		$ 13,000
Interest payable		$ 19,000
Taxes payable		$ 43,000
Deferred revenue ($63,000*70%)		$         44,100
Total current liabilities		$       311,100
Long-term liabilities:
Notes payable	$       306,000
Deferred revenue ($63,000*30%)	$         18,900
Total long-term liabilities		$       324,900
Shareholders’ equity:
Common stock, no par value; 1,300,000 shares
authorized; 530,000 shares issued and outstanding	$   2,012,000
Retained earnings	$ 194,000
Total shareholders’ equity		$   2,206,000
Total liabilities and shareholders’ equity		$ 2,842,000