The following is the ending balances of accounts at December 31,
2018 for the Valley Pump Corporation.
Account Title | Debits | Credits | ||
Cash | 34,000 | |||
Accounts receivable | 74,000 | |||
Inventories | 99,000 | |||
Interest payable | 19,000 | |||
Marketable securities | 62,000 | |||
Land | 138,000 | |||
Buildings | 345,000 | |||
Accumulated depreciation—buildings | 109,000 | |||
Equipment | 93,000 | |||
Accumulated depreciation—equipment | 34,000 | |||
Copyright (net of amortization) | 21,000 | |||
Prepaid expenses (next 12 months) | 41,000 | |||
Accounts payable | 74,000 | |||
Deferred revenues (next 12 months) | 29,000 | |||
Notes payable | 295,000 | |||
Allowance for uncollectible accounts | 9,000 | |||
Common stock | 290,000 | |||
Retained earnings | 48,000 | |||
Totals | 907,000 | 907,000 | ||
Additional information:
The $138,000 balance in the land account consists of $109,000 for the cost of land where the plant and office buildings are located. The remaining $29,000 represents the cost of land being held for speculation.
The $62,000 in the marketable 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.
The notes payable account consists of a $118,000 note due in six months and a $177,000 note due in three annual installments of $59,000 each, with the first payment due in August of 2019.
Required:
Prepare a classified balance sheet for the Valley Pump Corporation
at December 31, 2018. (Amounts to be deducted should be
indicated by a minus sign.)
VALLEY PUMP CORPORATION | |||
Balance Sheet | |||
At December 31, 2018 | |||
Assets | |||
Current assets | |||
Cash | 34000 | ||
Marketable securities | 31000 | ||
Accounts receivable | 74000 | ||
Allowance for uncollectible accounts | -9000 | 65000 | |
Inventories | 99000 | ||
Prepaid expenses | 41000 | ||
Total current assets | 270000 | ||
Investments | |||
Land | 29000 | ||
Marketable securities | 31000 | ||
Total investments | 60000 | ||
Property, plant, and equipment | |||
Land | 109000 | ||
Buildings | 345000 | ||
Accumulated depreciation-buildings | -109000 | 236000 | |
Equipment | 93000 | ||
Accumulated depreciation-equipment | -34000 | 59000 | |
Total property, plant, and equipment | 404000 | ||
Intangible assets | |||
Copyrights | 21000 | ||
Total assets | 755000 | ||
Liabilities and Shareholders' Equity | |||
Current liabilities | |||
Accounts payable | 74000 | ||
Notes payable ($118000 + $59000) | 177000 | ||
Interest payable | 19000 | ||
Deferred revenues | 29000 | ||
Total current liabilities | 299000 | ||
Long-term liabilities | |||
Notes payable ($59000 x 2) | 118000 | ||
Total liabilities | 417000 | ||
Shareholders' equity | |||
Common stock | 290000 | ||
Retained earnings | 48000 | ||
Total shareholders' equity | 338000 | ||
Total liabilities and shareholders' equity | 755000 |
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation Account Title Cash Accounts receivable Inventories Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net of amortization) Prepaid expenses (next 12 months) Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits 27,000 60,000 85,000 12,000 48,000 124,000 310,000 102,000 79,000 27,000 14,000 34,000 67,000 22,000 260,000 7,000 220,000...
can someone please help. what is missing in my answer? The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Credits Cash Debits $ 34,000 74,000 99,000 $ 19,000 62,000 138,000 345,000 109,000 93,000 34,000 Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation Account Title Cash Accounts receivable Inventories Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net of amortization) Prepaid expenses (next 12 months) Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits 45,000 96,000 121,000 30,000 84,000 160,000 400,000 120,000 115,000 45,000 32,000 52,000 85,000 40,000 350,000 7,000 400,000...
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Debits Credits Cash $ 42,000 Accounts receivable 90,000 Inventory 115,000 Interest payable $ 27,000 Investment in equity securities 78,000 Land 154,000 Buildings 385,000 Accumulated depreciation—buildings 117,000 Equipment 109,000 Accumulated depreciation—equipment 42,000 Copyright (net) 29,000 Prepaid expenses (next 12 months) 49,000 Accounts payable 82,000 Deferred revenue (next 12 months) 37,000 Notes payable 335,000 Allowance for uncollectible accounts 7,000 Common stock 370,000 Retained...
Saved The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. Account Title Debits 30,000 66,000 91,000 Credits Cash Accounts receivable Inventories Interest payable Marketable securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net of amortization) Prepaid expenses (next 12 months) Accounts payable Deferred revenues (next 12 months) Notes payable Allowance for uncollectible accounts 15,000 54,000 130,000 325,e00 105,000 85,000 30,000 17,e00 37,000 70,000 25,000 275,000 5,000 25e,eee 60,000 Common stock Retained...
The following are the ending balances of accounts at December 31, 2021. for the Valley Pump Corporation Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits Credits 44,000 94,000 119,000 $ 29,000 82,000 158,000 395,000 119,000 113,000 44,000 31,000 51,000 84,000 39,000 345,000 6,000...
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account TitleDebitsCreditsCash$29,000Accounts receivable64,000Inventory89,000Interest payable$14,000Investment in equity securities52,000Land128,000Buildings320,000Accumulated depreciation—buildings104,000Equipment83,000Accumulated depreciation—equipment29,000Copyright (net)16,000Prepaid expenses (next 12 months)36,000Accounts payable69,000Deferred revenue (next 12 months)24,000Notes payable270,000Allowance for uncollectible accounts9,000Common stock240,000Retained earnings58,000Totals$817,000$817,000Additional Information:The $128,000 balance in the land account consists of $104,000 for the cost of land where the plant and office buildings are located. The remaining $24,000 represents the cost of land being held for speculation.The $52,000 balance in the investment in equity securities...
Check my work 3 Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. 10 points Account Title Cash Debits Credite $ 34,000 Accounts receivable 74,000 99,000 Inventory Interest payable $ 19,000 Book 62,000 Investnent in equity securities Land 138,000 345,000 Buildings Print Accumulated depreciation-buildings Equi pment Accumulated deprecintion equipment Copyright (net) Prepaid expenses (next 12 montha) Accounts payable 109,000 93,000 34,000 21,000 Retarances 41,000...
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Debits Credits Cash $ 25,000 Accounts receivable 56,000 Inventory 81,000 Interest payable $ 10,000 Investment in equity securities 44,000 Land 120,000 Buildings 300,000 Accumulated depreciation—buildings 100,000 Equipment 75,000 Accumulated depreciation—equipment 25,000 Copyright (net) 12,000 Prepaid expenses (next 12 months) 32,000 Accounts payable 65,000 Deferred revenue (next 12 months) 20,000 Notes payable 250,000 Allowance for uncollectible accounts 5,000 Common stock 200,000 Retained...
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation Account Title Debits Credits Cash $ 37,000 Accounts receivable 80,00 Inventory 105,ese Interest payable $ 22,000 Investment in equity securities 68,000 Land Buildings 144.ee 360,000 Accumulated depreciation-buildings 112.ee Equipment 99,00 Accumulated depreciation equipment Copyright (net) 37,000 24,000 Prepaid expenses (next 12 months) 44.ees Accounts payable Deferred revenue next 12 months) 77,000 32,000 Notes payable 310,000 Allowance for uncollectible accounts Connon stock 7,000 320,00...