C Not secure ezto.mheducation.com/hm.tpx The following is the ending balances of

Question

C Not secure ezto.mheducation.com/hm.tpx The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics Corporation Cash Short-term investments Accounts receivable Long-term investments Inventories Loans to employees Prepaid expenses (for 2017) 85,000 200,000 41,000 44,000 224,000 49,000 25,000 289,000 1,640,000 646,000 161,000 49,000 295,000 21,000 Land Building Machinery and equipment Patent Franchise Note receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/17) Interest payable Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings 629,000 219,000 198,000 19,000 25,000 49,000 69.000 318,000 17,000 2036,000 290,000 Totals 3,869,0003 869,000 ) Type here to search up

Explanation / Answer

VOSBURGH ELECTRONICS CORPORATION Balance Sheet At December 31, 2016 Assets Current Assets: Cash = $85000 + $59000 $144,000.00 Short-term investments = 200,000 - $59000 $141,000.00 Accounts receivable = A/R - Allowance For Uncollectible = $141,000 - $17000 $124,000.00 Loans to employees $49,000.00 Interest receivable $21,000.00 Note receivable—current portion $59,000.00 Inventories $224,000.00 Prepaid expenses $25,000.00 Total current assets $787,000.00 Investments: Marketable securities $44,000.00 Note receivable ($295,000 - $59000) $236,000.00 Total Investment $280,000.00 Property, plant, and equipment: Land $289,000.00 Building $1,640,000.00 Machinery and equipment $646,000.00 $2,575,000.00 Less: Accumulated depreciation Net property, plant, and equipment -$848,000.00 $1,727,000.00 Intangibles Patent $161,000.00 Franchise $49,000.00 Total intangible assets $210,000.00 Total assets $3,004,000.00 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $198,000.00 Dividends payable (payable on 1/16/17) $19,000.00 Interest payable $25,000.00 Taxes payable $49,000.00 Deferred revenue= 69000 x 75% $51,750.00 Total current liabilities $342,750.00 Long-term liabilities: Notes payable $318,000.00 Deferred revenue= 69000 x 25% $17,250.00 Total long-term liabilities $335,250.00 Shareholders’ equity Common stock, no par value; 1,300,000 shares authorized; 590,000 shares issued and outstanding $2,036,000.00 Retained Earnings $290,000.00 Total shareholders’ equity $2,326,000.00 Total liabilities and shareholders’ equity $3,004,000.00

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.