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The following is a December 31, 2013, post-closing trial balance for the Vosburgh Electronics Corporation.

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The following is a December 31, 2013, post-closing trial balance for the Vosburgh Electronics Corporation.;Account Title Debits Credits;Cash 95,000;Short-term investments 210,000;Accounts receivable 151,000;Long-term investments 49,000;Inventories 229,000;Loans to employees 54,000;Prepaid expenses (for 2014) 30,000;Land 294,000;Building 1,690,000;Machinery and equipment 651,000;Patent 166,000;Franchise 54,000;Note receivable 320,000;Interest receivable 26,000;Accumulated depreciation?building 634,000;Accumulated depreciation?equipment 224,000;Accounts payable 203,000;Dividends payable (payable on 1/16/14) 24,000;Interest payable 30,000;Taxes payable 54,000;Unearned revenue 74,000;Notes payable 328,000;Allowance for uncollectible accounts 22,000;Common stock 2,056,000;Retained earnings 370,000;Totals 4,019,000 4,019,000;Additional information;1.;The common stock represents 1.1 million shares of no par stock authorized, 640,000 shares issued and outstanding.;2. The loans to employees are due on June 30, 2014.;3.;The note receivable is due in installments of $64,000, payable on each September 30. Interest is payable annually.;4.;Short-term investments consist of marketable equity securities that the company plans to sell in 2014 and $64,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2014. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year.;5.;Unearned revenue represents customer payments for extended service contracts. 75 percent of these contracts expire in 2014, the remainder in 2015.;6.;Notes payable consists of two notes, one for $114,000 due on January 15, 2015, and another for $214,000 due on June 30, 2016.;Required;1.;Prepare a classified balance sheet for Vosburgh at December 31, 2013.

 

Paper#19175 | Written in 18-Jul-2015

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