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

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Question;The following is a December 31, 2013, post-closing trial balance for the Vosburgh Electronics Corporation.Account Title Debits CreditsCash 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#52020 | Written in 18-Jul-2015

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