Question

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The following is the ending balances of accounts at December 31, 2018 for the Vos Cash Short-term investments Accounts receivable Long-term investmentsS Inventories Loans to employees Prepaid expenses (for 2019) Land Building Machinery and equipment Patent Franchise Note receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/19) Interest payable Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 77,000 192,000 133,000 40,000 220,000 45,000 21,000 285,000 1,600,000 642,000 157,000 45,000 275,000 17,000 625,000 215,000 194,000 15,000 21,000 45,000 65,000 310,000 13,000 2,020,000 226,000 3, 749,000 3, 749,000 Additional information: 1. The common stock represents 1.5 million shares of no par stock authorized, 550 2. The loans to employees are due on June 30, 2019. < Prev 14 of 15

Answer 1

VOSBURGH ELECTRONICS CORPORATION
Balance sheet
At december 31, 2018
Assets:	$
Current Assets
Cash and cash equivalents [77000+55000]	132000
Marketable securities [192000-55000]	137000
Accounts receivables [133000-13000]	120000
Loans to employees	45000
Interst receivable	17000
Note receivable - current portion	55000
Inventories	220000
Prepaid expenses	21000
Total current assets	747000
Investments
Marketable securities	40000
Notes receivable [275000-55000]	220000
Total investment	260000
Property, plant and equipment
Land	285000
Buildings	1600000
Machinery and equipment	642000
Less: Accumulated depreciation [625000+215000]	-840000
Net property, plant and equipment	1687000
Intangible assets
Patents	157000
Franchise	45000
Total intangible assets	202000
Total assets	2896000
Liabilities and shareholders' equity
Current Liabilities
Accounts Payable	194000
Dividend Payable	15000
Interest Payable	21000
Taxes Payable	45000
Deferred revenue [65000*80%]	52000
Total current liabilities	327000
Long term liabilities
Notes Payable	310000
Deferred Revenue [65000*20%]	13000
Total long term liabilities	323000
shareholders' equity
Commonstock, no par value, 1000,000 shares
authorized 500,000 shares issued and outstanding	2020000
Retained earnings	226000
Total shareholders' equity	2246000
Total liabilities and shareholders' equity	2896000