5 The following Is the ending balances of accounts at December 31, 2018 for the
ID: 2333124 • Letter: 5
Question
5 The following Is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Cash 77,000 192,000 133,000 40,000 220,000 45,000 21,000 285,000 1,600,000 642,000 157,000 45,000 275,000 17,000 Accounts receivable Ints Prepaid expenses (for 2019) Land Building References and equipment Note receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment 625,000 215,000 194,000 15,000 21,000 45,000 65,000 310,000 13,000 2,020,000 226,000 3,749,000 3,749,000 Dividends payable (payable on 1/16/19) Notes payable Allowance for uncollectible accounts MacBook ProExplanation / Answer
Answer:
VosBurgh Electronics corporation
Balancesheet
At December 31,2018
Assets:
Current assets;
Cash and cash equivalent 77000+55,000)
$132,000
Short term investment (192000-55000)
$137,000
Account receivable (net){133,000-13000(allowance)}
$120,000
Loans to employees
$45,000
Interest receivable
$17,000
Notes receivable-current portion
$55,000
Inventory
$220,000
Prepaid expenses
$21,000
Total current assets
$747,000
Investments:
Long term investment
$40,000
Notes receivable(275000-55000)
$220,000
Total investments
$260,000
Property plant and equipment:
Land
$285,000
Building
$1,600,000
Machinery and equipment
$642,000
Less:
Accumulated depriciaiton on building
($625,000)
Accumulated depriciaiton on Equipment
($215,000)
Total property, plant and equipment
$1,687,000
Intangible assets:
Patent
157000
Franchise
$45,000
Total intangible assets
$202,000
Total assets
2,896,000
Liabilities and Shareholders equity:
Current liabilities:
Account payable
$194,000
Dividend payable
$15,000
Interest payable
$21,000
Taxes payable
$45,000
Unearned revenue(80%×65000)
$52,000
Total current liabilities
$327,000
Long term liabilities:
Notes payable
$310,000
Unearned revenue(20%×65000)
$13,000
Total long term liabilities
$323,000
Shareholders equity:
Common stock, no par value:1,100,000 shares authorized,510,000 shares issued and outstanding
$2,020,000
Retained earnings
$226,000
Total stock holders equity
$2,246,000
Total liabilities and Shareholders equity
$2,896,000
Notes
1 )
55000 in Treasury bill consider as cash equivalent
VosBurgh Electronics corporation
Balancesheet
At December 31,2018
Assets:
Current assets;
Cash and cash equivalent 77000+55,000)
$132,000
Short term investment (192000-55000)
$137,000
Account receivable (net){133,000-13000(allowance)}
$120,000
Loans to employees
$45,000
Interest receivable
$17,000
Notes receivable-current portion
$55,000
Inventory
$220,000
Prepaid expenses
$21,000
Total current assets
$747,000
Investments:
Long term investment
$40,000
Notes receivable(275000-55000)
$220,000
Total investments
$260,000
Property plant and equipment:
Land
$285,000
Building
$1,600,000
Machinery and equipment
$642,000
Less:
Accumulated depriciaiton on building
($625,000)
Accumulated depriciaiton on Equipment
($215,000)
Total property, plant and equipment
$1,687,000
Intangible assets:
Patent
157000
Franchise
$45,000
Total intangible assets
$202,000
Total assets
2,896,000
Liabilities and Shareholders equity:
Current liabilities:
Account payable
$194,000
Dividend payable
$15,000
Interest payable
$21,000
Taxes payable
$45,000
Unearned revenue(80%×65000)
$52,000
Total current liabilities
$327,000
Long term liabilities:
Notes payable
$310,000
Unearned revenue(20%×65000)
$13,000
Total long term liabilities
$323,000
Shareholders equity:
Common stock, no par value:1,100,000 shares authorized,510,000 shares issued and outstanding
$2,020,000
Retained earnings
$226,000
Total stock holders equity
$2,246,000
Total liabilities and Shareholders equity
$2,896,000
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