The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits
Cash $67,000
Short-term investments 182,000
Accounts receivable 123,000
Long-term investments 35,000
Inventory 215,000
Receivables from employees 40,000
Prepaid expenses (for 2022) 16,000
Land 280,000
Building 1,550,000
Equipment 637,000
Patent (net) 152,000
Franchise (net) 40,000
Notes receivable 250,000
Interest receivable 12,000
Accumulated depreciation—building $620,000
Accumulated depreciation—equipment 210,000
Accounts payable 189,000
Dividends payable (payable on 1/16/2022) 10,000
Interest payable 16,000
Income taxes payable 40,000
Deferred revenue 60,000
Notes payable 300,000
Allowance for uncollectible accounts 8,000
Common stock 2,000,000
Retained earnings 146,000
Totals $3,599,000 $3,599,000
Additional Information
1. The common stock represents 1.4 million shares of no par stock authorized, 670,000 shares issued and outstanding.
2. The receivables from employees are due on June 30, 2022.
3. The notes receivable are due in installments of $67,000, payable on each September 30. Interest is payable annually.
4. Short-term investments consist of securities that the company plans to sell in 2022 and $67,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2022. Long-term investments consist of securities that the company does not plan to sell in the next year.
5. Deferred revenue represents payments from customer for extended service contracts. Eighty percent of these contracts expire in 2022, the remainder in 2023.
6. Notes payable consists of two notes, one for $117,000 due on January 15, 2023, and another for $217,000 due on June 30, 2024.
Required:
Prepare a classified balance sheet for Vosburgh at December 31, 2021.

Vosburgh Electronics Corporation

Classified Balance Sheet

As of December 31, 2021:

Assets

Current Assets:

Cash                                           $67,000

Short-term investments             182,000

Accounts receivable                  123,000  

Allowance for uncollectible         (8,000)

Inventory                                    215,000

Receivables from employees    40,000

Notes receivable (short-term)   67,000

Interest receivable                     12,000

Prepaid expenses (for 2022)    16,000

Total current liabilities                                 $714,000

Long-term Assets:

Land                                         280,000

Building                                 1,550,000

Accumulated depreciation    (620,000)  

Equipment                               637,000

Accumulated depreciation    (210,000)

Patent (net)                              152,000

Franchise (net)                         40,000

Notes receivable                    183,000

Long-term investments          35,000

Total long-term assets                             $2,047,000

Total assets                                               $2,761,000

Liabilities + Equity:

Liabilities

Current Liabilities:

Accounts payable                                     $189,000

Dividends payable (payable on 1/16/2022) 10,000

Interest payable                                            16,000

Income taxes payable                                 40,000

Deferred revenue                                       48,000

Total current liabilities                                                $303,000

Long-term liabilities:

Deferred revenue                                        12,000  

Notes payable                                           300,000

Total Long-term liabilities                                          $312,000

Total Liabilities                                                           $615,000

Equity:

Common stock, 1.4 million authorized

670,000 shares issued & outstanding 2,000,000

Retained earnings                                      146,000

Total Equity                                                            $2,146,000

Total liabilities + equity                                          $2,761,000

Explanation:

a) Data and Calculations:

Account Title                              Debits        Credits

Cash                                        $67,000

Short-term investments          182,000

Accounts receivable               123,000

Long-term investments           35,000

Inventory                                 215,000

Receivables from employees 40,000

Prepaid expenses (for 2022)  16,000

Land                                      280,000

Building                              1,550,000

Equipment                            637,000

Patent (net)                           152,000

Franchise (net)                      40,000

Notes receivable                250,000

Interest receivable                12,000

Accumulated depreciation—building      $620,000

Accumulated depreciation—equipment    210,000

Accounts payable                                       189,000

Dividends payable (payable on 1/16/2022) 10,000

Interest payable                                            16,000

Income taxes payable                                  40,000

Deferred revenue                                        60,000

Notes payable                                            300,000

Common stock, 1.4 million authorized

670,000 shares issued & outstanding 2,000,000

Retained earnings                                      146,000

Totals                            $3,599,000    $3,599,000

Adjustments:

Common stock, 1.4 million shares of no par stock authorized,

670,000 shares issued and outstanding

Receivables from employees are short-term assets

Notes receivable 250,000

Short-term =          67,000

Long-term =         183,000

Deferred Revenue:

Short-term = $48,000 ($60,000 * 80%)

Long-term = $12,000 ($60,000 * 20%)

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