The following is the ending balances of accounts at December 31, 2016, for the V
ID: 2402484 • Letter: T
Question
The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics Corporation.
The common stock represents 1.6 million shares of no par stock authorized, 690,000 shares issued and outstanding.
The note receivable is due in installments of $69,000, payable on each September 30. Interest is payable annually.
Short-term investments consist of marketable equity securities that the company plans to sell in 2017 and $69,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2017. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year.
Deferred revenue represents customer payments for extended service contracts. Eighty percent of these contracts expire in 2017, the remainder in 2018.
Notes payable consists of two notes, one for $119,000 due on January 15, 2018, and another for $219,000 due on June 30, 2019.
Prepare a classified balance sheet for Vosburgh at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)
The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics Corporation.
Explanation / Answer
Please look at adjustments below:
Dear Student,
Best effort has been made to give quality and correct answer. But if you find any issues please comment your concern. I will definitely resolve your query.
Also please give your positive rating.
Balance sheet Assets Current Assets: Cash and cash equivalents $ 174,000 Marketable securities $ 151,000 Accounts receivable (net) $ 134,000 Loans to employees $ 59,000 Interest receivable $ 31,000 Note receivable—current portion $ 69,000 Inventories $ 234,000 Prepaid expenses $ 35,000 Total current assets $ 887,000 Investments: Marketable securities $ 54,000 Note receivable $ 276,000 Total investments $ 330,000 Property, plant, and equipment: Land $ 299,000 Buildings $ 1,740,000 Machinery and equipment $ 656,000 Less: Accumulated depreciation $ (868,000) Net property, plant, and equipment $ 1,827,000 Intangible assets: Patent $ 171,000 Copyright $ 59,000 Total intangible assets $ 230,000 Total assets $ 3,274,000 Liabilities & Stockholder's Equity Current liabilities: Accounts Payable $ 208,000 Notes payable $ 119,000 Interest Payable $ 35,000 Taxes payable $ 59,000 Dividend payable $ 29,000 Deferred Revenue $ 63,200 Total current liabilities $ 513,200 Long-term liabilities: Notes payable $ 219,000 Deferred Revenue $ 15,800 Total long-term liabilities $ 234,800 Stockholder's Equity Common stock, no par, 1600000 shares authorized,690,000 shares issued and outstanding $ 2,076,000 Retained Earnings $ 450,000 Total StockHolder's Equty $ 2,526,000 Total Liabilities & Stockholder's Equity $ 3,274,000Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.