Question

Problem 3-6 (Algo) Balance sheet preparation; disclosures (LO3-2, 3-3, 3-4) The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits 85,000 200,000 141, see 44,000 224,000 49,000 25,000 289,000 1,640,000 646,000 161,000 49,000 295,000 21,000 ces 629,000 219,000 198,000 19,000 25,000 49,000 69,000 318,000 17,000 2,836,000 290,000 3,869,000 3,869,000

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Answer 1

VOSBURGH ELECTRONICS CORPORATION
Balance Sheet
At December 31, 2021
Assets
Current Assets:
Cash and cash equivalents ($85000 + $59000)		144000
Short-term investments ($200000 - $59000)		141000
Accounts receivable	141000
Less Allowance for uncollectible accounts	-17000
Net accounts receivable		124000
Notes receivable (current portion)		59000
Interest receivable		21000
Loans to employees		49000
Inventories		224000
Prepaid expenses		25000
Total current assets		787000
Investments:
Long-Term Investments	44000
Notes receivable ($295000 - $59000)	236000
Total investments		280000
Property, Plant, and Equipment:
Land	289000
Building	1640000
Equipment	646000
	2575000
Less Accumulated depreciation-Building	-629000
Less Accumulated depreciation-Equipment	-219000
Net Property, Plant, and Equipment		1727000
Intangible Assets
Patent	161000
Franchise	49000
Total Intangible Assets		210000
Total Assets $		3004000
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable		198000
Dividends payable		19000
Interest payable		25000
Income taxes payable		49000
Deferred revenue (current portion) (75% x $69000)		51750
Total current liabilities		342750
Long-Term Liabilities:
Notes payable	318000
Deferred revenue (25% x $69000)	17250
Total long-term liabilities		335250
Total Liabilities		678000
Shareholders' Equity:
Common Stock	2036000
Retained earnings	290000
Total shareholders' equity		2326000
Total Liabilities and Shareholders' Equity $		3004000