The following is the ending balances of accounts at December 31, 2018 for the Va

Question

The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. Debits Credits 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 43,000 92,000 117,000 28,000 80,000 156,000 390,000 118,000 111,000 43,000 30,000 50,000 83,000 38,000 340,000 5, 000 380,000 34,000 1,069,000 1,069,000 Additional information: 1. The $156,000 balance in the land account consists of $118,000 for the cost of land where the plant and office buildings are located. The remaining $38,000 represents the cost of land being held for

Explanation / Answer

VALLEY PUMP CORPORATION Balance Sheet At Dec 31, 2018 Assets Current Assets Cash        43,000.00 Accounts Receivable          92,000.00 Allowance for Uncollectible Accounts          (5,000.00)        87,000.00 Inventories      117,000.00 Marketable Securities        40,000.00 Prepaid Expenses        50,000.00 Total Current Assets       337,000.00 Investments Marketable Securities        40,000.00 Land        38,000.00 Total Investments          78,000.00 Property, Plant & Equipment Land      118,000.00 Buildings        390,000.00 Accumulated Depreciation - Building     (118,000.00)      272,000.00 Equipment        111,000.00 Accumulated Depreciation - Equipment        (43,000.00)        68,000.00 Total Property, Plant & Equipment       458,000.00 Intangible Assets Copyright (net of amortization)          30,000.00 Total Assets       903,000.00 Liabilities & Stockholders' Equity Liabilities Current Liabilities Accounts Payable        83,000.00 Interest Payable        28,000.00 Deferred Revenues        38,000.00 Notes Payable      204,000.00 Total Current Liabilities       353,000.00 Long Term Liabilities Notes Payable       136,000.00 Total Liabilities       489,000.00 Stockholders' Equity Common Stock      380,000.00 Retained Earnings        34,000.00 Total Stockholders' Equity       414,000.00 Total Liabilities & Stockholders' Equity       903,000.00

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