The following is the ending balances of accounts at December 31, 2018 for the Vo
ID: 2411211 • Letter: T
Question
The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Credits Account Title Cash Short-term investments Accounts receivable Long-term investments 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 Debits 91,000 206,000 147,000 47,000 227,000 52,000 28,000 292,000 1,670,000 649,000 164,000 52,000 310,000 24,000 632,000 222,000 201,000 22,000 28,000 52,000 72,000 324,000 20,000 2,048,000 338,000 3,959,000 3,959,000 Additional information: 1. The common stock represents 1.1 million shares of no par stock authorized, 620,000 shares issued and outstanding 2. The loans to employees are due on June 30, 2019 3. The note receivable is due in installments of $62,000, payable on each September 30. Interest is payable annually. 4. Short-term investments consist of marketable equity securities that the company plans to sell in 2019 and $62,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2019. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year expire in 2019, the remainder in 2020 June 30, 2021. 5. Deferred revenue represents customer payments for extended service contracts. Eighty percent of these contracts 6. Notes payable consists of two notes, one for $112,000 due on January 15, 2020, and another for $212,000 due onExplanation / Answer
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Balance sheet Assets Current Assets: Cash and cash equivalents* $ 153,000 Marketable securities * $ 144,000 Accounts receivable (net)* $ 127,000 Loans to employees $ 52,000 Interest receivable $ 24,000 Note receivable—current portion* $ 62,000 Inventories $ 227,000 Prepaid expenses $ 28,000 Total current assets $ 817,000 Investments: Marketable securities $ 47,000 Note receivable* $ 248,000 Total investments $ 295,000 Property, plant, and equipment: Land $ 292,000 Buildings $ 1,670,000 Machinery and equipment $ 649,000 Less: Accumulated depreciation $ (854,000) Net property, plant, and equipment $ 1,757,000 Intangible assets: Patent $ 164,000 Franchise $ 52,000 Total intangible assets $ 216,000 Total assets $ 3,085,000 Liabilities & Stockholder's Equity Current liabilities: Accounts Payable $ 201,000 Notes payable* $ 212,000 Interest Payable $ 28,000 Taxes payable $ 52,000 Dividend payable $ 22,000 Deferred Revenue* $ 57,600 Total current liabilities $ 572,600 Long-term liabilities: Notes payable* $ 112,000 Deferred Revenue* $ 14,400 Total long-term liabilities $ 126,400 Stockholder's Equity Common stock, no par, 1.1 Million shares authorized,620 thousand shares issued and outstanding $ 2,048,000 Retained Earnings $ 338,000 Total StockHolder's Equty $ 2,386,000 Total Liabilities & Stockholder's Equity $ 3,085,000Related Questions
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