Question

The following is the ending balances of accounts at December 31, 2021. for the Vosburgh Electronics Corporation Credits Short-term investments accounts receivable Loetesvesteents Receivables from employees Prepaid expenses (for 2022) 295.ee 21. Patent (net) Franchise (net) Notes receivable Interest receivable Acumulated depreciation building Accumulated depreciation prent Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Nates payable A Todor UNCOihlete Carmon stock Retained earnings 311.eee 17.ee 2.936. zse, 3.369 eee 9,869, Additional information: 1 The common stock represents 13 million shares of no par stock authorized 590 000 shares sued and outstanding 2. The receivables from employees are due on June 30, 2022 3. The notes receivable are due in installments of $59.000 payable on each September 30. merest is payable annually 4. Short-term investments consist of securities that the company plans to sell in 2022 and $59,000 in treasury bilis purchased on Prey 1 of 3 Next >

Could someone please help me work this out with how they got it. studging fir exam and really need the help

Answer 1

Classified Balances Sheet of Vosburgh Electronics Corporation as of December 31,2021

Assets:	Amount	Amount	Amount
Current Assets;
Cash		$85,000
Accounts Receivable	$141,000
Less: Allowance for doubtful accounts	$17,000	$124,000
Inventories		$224,000
Receivables from Employees		$49,000
Prepaid Expenses		$25,000
Interest Receivable		$21,000
Investment In Marketable Equity Securities ($200,000 - $59,000)		$141,000
Investment In Treasury Bills		$59,000
Short term Note Receivable		$59,000
Total Current Assets			$787,000
Other Assets;
Long Term Note Receivable ($295,000 - $59,000)		$236,000
Long Term Investment		$44,000
Total Other Assets			$280,000
Property, Plant and Equipment
Land		$289,000
Building	$1,640,000
Less: Accumulated Depreciation	$629,000	$1,011,000
Equipment	$646,000
Less: Accumulated Depreciation	$219,000	$427,000
Total Property Plant and Equipment			$1,727,000
Intangible Assets
Patent		$161,000
Franchise		$49,000
Total Intangible Assets			$210,000
Total Asset			$3,004,000
Liabilities
Current Liabilities;
Accounts Payable		$198,000
Dividend Payable		$19,000
Interest Payable		$25,000
Taxes Payable		$49,000
Defferred Revenue ($69,000 * 75%)		$51,750
Total Current Liabilities			$342,750
Long Term Liabilities
Note Payable		$318,000
Differed Revenue		$17,250
Total Long Term Liabilities			$335,250
Total Liabilities			$678,000
Shareholders Equity
Common Stock ;
Authorised : 1,300,000 shares@ no par
Issued and outstanding : 590,000 @ no par		$2,036,000
Retained Earnings		$290,000
Total Shareholders Equity			$2,326,000
Total Liability and Shareholders Equity			$3,004,000