The following is the ending balances of accounts at December 31, 2016, for the V

Question

The following is the ending balances of accounts at December 31, 2016, for the Vosburgh Electronics Corporation Credits Account Title Cash Short-term investments Accounts receivable Long-term investments Inventories Loans to employees Prepaid expenses (for 2017) Debits 69,000 184,000 125,000 36,000 216,000 41,000 17,000 281,000 1,560,000 638,000 153,000 41,000 255,000 13,000 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 a Common stock Retained earnings 621,000 211,000 190,000 11,000 17,000 41,000 61,000 302,000 9,000 2,004,000 162,000 ccounts Totals 3,629,000 3,629,000 Additional information: 1. The common stock represents 1.1 million shares of no par stock authorized, 510,000 shares issued and outstanding 2. The loans to employees are due on June 30, 2017 3. The note receivable is due in installments of $51,000, payable on each September 30. Interest is payable

Explanation / Answer

VOSBURGH ELECTRONICS CORPORATION Balance sheet At December 31, 2016 ASSETS Amount $ Current Assets Cash        69,000.00 Short-Term Investments     1,84,000.00 Prepaid expenses        17,000.00 Loans to employees        41,000.00 Accounts Receivable     1,25,000.00 Notes Receivable        51,000.00 Interest receivable        13,000.00 Inventories     2,16,000.00 Total Current Assets     7,16,000.00 Non-Current Assets Notes Receivable     2,04,000.00 Long term investments        36,000.00 Total Non-Current Assets     2,40,000.00 Fixed Assets Land     2,81,000.00 Building 15,60,000.00 Machinery and Equipment     6,38,000.00 Patent     1,53,000.00 Franchise        41,000.00 Total Non-Current Assets 26,73,000.00 Total Assets 36,29,000.00 LIABILITIES AND EQUITY Current liabilties Dividend Payable        11,000.00 Accounts Payable     1,90,000.00 Deferred Revenue        45,750.00 Interest payable        17,000.00 Taxes Payable        41,000.00 Total Current liabilities     3,04,750.00 Long term liabilities Accumulated depreciation-Building     6,21,000.00 Accumulated depreciation-Machinery and equipment     2,11,000.00 Notes payable     3,02,000.00 Allowance for uncollectible accounts           9,000.00 Deferred Revenue        15,250.00 Total non-current liabilties 11,58,250.00 Total liabilities 14,63,000.00 Share holder's equity Common stock of 1.1mn authorised, 510,000 issued and outstanding 20,04,000.00 Additional Paid in capital Retained earnings     1,62,000.00 Total equity 21,66,000.00 Total Liabilities and Equity 36,29,000.00

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