9 The following is the ending balances of accounts at December 31. 2018 for the

Question

9 The following is the ending balances of accounts at December 31. 2018 for the Vosburgh Electronics Corporation. Cash 91,000 Accounts receivable 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 4.16 investment Inventories Loans to employees Prepaid expenses (for 2019) Land llI 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 Print 632,000 222,000 201,000 22,000 28,000 52,000 72,000 324,000 20, 000 2,048,000 338,000 3,959,00D 3,959,000 Additional Information: 1 The common stork renrecents 1xt miltion shares nf no nar stock aithorizen 620.000 shares issoerd and nutstandinn

Explanation / Answer

Vosburgh Electronics Corporation Balance Sheet At December 31,2018 Assets Cash & Cash Equivalents $     153,000.00 Marketable Securities($25000*1/2) $     144,000.00 Accounts Receivable net of allowance for uncollectible accounts($31000-$4000) $     127,000.00 Interest Receivable $       24,000.00 Note receivable $       62,000.00 Inventories $     227,000.00 Loans to Employees $       52,000.00 Prepaid Expenses $       28,000.00 Total Current Assets $           817,000.00 Investments Notes Receivable $     248,000.00 Marketable Securities $       47,000.00 Total Investments $           295,000.00 Fixed Assets Land $      292,000.00 Building $ 1,670,000.00 Machinery & Equipment $      649,000.00 $ 2,611,000.00 Less: Accumulated Depreciation $     854,000.00 Net Fixed Assets $       1,757,000.00 Intangible Assets Patent $      164,000.00 Franchise $        52,000.00 $           216,000.00 Total Intangible Assets Total Assets $ 3,085,000.00 Liabilities & Stockholder's Equity Current Liabilities Accounts Payable $      201,000.00 Dividend Payable $        22,000.00 Interest Payable $        28,000.00 Taxes Payable $        52,000.00 Deferred Revenue $        57,600.00 $     360,600.00 Total Current Liabilities Long Term Liabilities Notes Payable $      324,000.00 Deferred Revenue $        14,400.00 $     338,400.00 Total Long Term Liabilities Total Liabilities $           699,000.00 Common Stock,no par value ,1000000 shares authorized 500000 shares issued and outstanding $ 2,048,000.00 Retained Earnings $     338,000.00 Total Stock holder's Equity $       2,386,000.00 Total Liabilities and stockholder's equity $ 3,085,000.00 Working Notes: 1) The Loans to employees are considered as current assets because it is due within one year. 2) The Note receivable due in installment are treated as current Assets. 3) Marketable Securities are considered as short tem investment it means easily converted into cash (Cash& cash Equivalents)=($91000+$62000)=$62000,and long term (206000-$62000)=144000 4) Deferred Revenue consist of 80% of $ (72000)=$57600 as current liabilities because due within one year and remaining ($72000*20%)=$14400 as long term liabilities 5) Both Note Payable are due after one year treated as long term liabilities.

Related Questions

Navigate

• Browse (All)
• Browse 9
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.