mework Problems Help Save &Exit; Submit Check my work The following is the endin
ID: 2391922 • Letter: M
Question
mework Problems Help Save &Exit; Submit Check my work The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. DebitaCredits Cash 69,000 184,000 25,000 6,000 216,000 41,000 17,000 281,000 1,560,000 638, 000 153, 000 41,000 255, 000 13, 000 Short-tern investnents Accountsrreceivable Long-ters i Inventoriea Loans to esployees Prepaid expenses (for 2019) investments Building Machinery and equipnent Franchise Note receivable Interest receivable Rccumulated depreclation-building Accumalated depreciation-eqaipment ccounta payabl bividends payable tpayable on 1/16/19) Interest payable Taxes payable 621,000 211,000 90,000 11,000 42, 000 62,000 302,000 Deterred revense sotes payable Allowance for uncollectible account Common stock Retalned earnings Zotals 2,004,000 ,629,00D 3,629,000 Additional information 1. The common stock represents 11 million shares of no par stock authorized, 510000 shares issued and outstanding 2. The loans to employees are due on June 30. 2019 3. The note receivable is due in installments of $51,000, payable on each September 30 Interest is payable annually 4. Short-t term investments consist of marketable equity securities that the company plans to sell in 2019 and $51,000 treasury bills purchased on December 15 of the current year that mature on February 15, 2019 Long-temm 8Explanation / Answer
The balance sheet is prepared as below:
VOSBURGH ELECTRONIC CORPORATION Balance Sheet December 31, 2018 Assets Current Assets: Cash and Cash Equivalents (69,000 + 51,000) 120,000 Marketable Securities (184,000 - 51,000) 133,000 Accounts Receivable (Net) [125,000 - 9,000] 116,000 Loans to Employees 41,000 Interest Receivable 13,000 Notes Receivable - Current Portion 51,000 Inventories 216,000 Prepaid Expenses 17,000 Total Current Assets 707,000 Investments: Marketable Securities 36,000 Notes Receivable (255,000 - 51,000) 204,000 Total Investments 240,000 Property Plant and Equipment: Land 281,000 Buildings 1,560,000 Machinery and Equipment 638,000 2,479,000 Less Accumulated Depreciation (621,000 + 211,000) -832,000 Net Property, Plant and Equipment 1,647,000 Intangible Assets: Patent 153,000 Franchise 41,000 Total Intangible Assets 194,000 Total Assets $2,788,000 Liabilities and Stockholder's Equity Current Liabilities: Accounts Payable 190,000 Dividends Payable 11,000 Interest Payable 17,000 Taxes Payable 41,000 Deferred Revenue (61,000*75%) 45,750 Total Current Liabilities 304,750 Long Term Liabilities: Notes Payable 302,000 Deferred Revenue (61,000*25%) 15,250 Total Long Term Liabilities 317,250 Shareholder's Equity Common Stock 2,004,000 Retained Earnings 162,000 Total Shareholder's Equity 2,166,000 Total Liabilities and Shareholder's Equity $2,788,000Related Questions
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