Business, 20.09.2020 15:01, hannaho8714
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation.
Account Title Debits Credits
Cash $ 42,000
Accounts receivable 90,000
Inventory 115,000
Interest payable $ 27,000
Investment in equity securities 78,000
Land 154,000
Buildings 385,000
Accumulated depreciation—buildings 117,000
Equipment 109,000
Accumulated depreciation—equipment 42,000
Copyright (net) 29,000
Prepaid expenses (next 12 months) 49,000
Accounts payable 82,000
Deferred revenue (next 12 months) 37,000
Notes payable 335,000
Allowance for uncollectible accounts 7,000
Common stock 370,000
Retained earnings 34,000
Totals $1,051,000 $ 1,051,000
1. The $154,000 balance in the land account consists of $117,000 for the cost of land where the plant and office buildings are located. The remaining $37,000 represents the cost of land being held for speculation.
The $78,000 balance in the investment in equity securities account represents an investment in the common stock of another corporation. Valley intends to sell one-half of the stock within the next year.
The notes payable account consists of a $134,000 note due in six months and a $201,000 note due in three annual installments of $67,000 each, with the first payment due in August of 2022.
Required:
Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2021. Use the additional information to help determine appropriate classifications and account balances. (Amounts to be deducted should be indicated by a minus sign.)
Answers: 3
Other questions on the subject: Business
Business, 21.06.2019 21:30, nickespinosa11
Gary becker's controversial the economics of discrimination concludes that price discrimination has no effect on final profits. price discrimination benefits monopolies. labor discrimination in hiring results in more efficient allocations of production. discrimination in hiring practices has no effect on final profits. labor discrimination harms firms that practice it due to increased labor costs. price discrimination harms monopolies, which refutes over two centuries of economic theory.
Answers: 3
Business, 22.06.2019 11:40, antbanks3050
Jamie is saving for a trip to europe. she has an existing savings account that earns 3 percent annual interest and has a current balance of $4,200. jamie doesn’t want to use her current savings for vacation, so she decides to borrow the $1,600 she needs for travel expenses. she will repay the loan in exactly one year. the annual interest rate is 6 percent. a. if jamie were to withdraw the $1,600 from her savings account to finance the trip, how much interest would she forgo? .b. if jamie borrows the $1,600 how much will she pay in interest? c. how much does the trip cost her if she borrows rather than dip into her savings?
Answers: 1
Business, 22.06.2019 17:10, mikailah0988
At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)
Answers: 3
Do you know the correct answer?
The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporat...
Questions in other subjects:
Mathematics, 30.06.2019 10:30
Chemistry, 30.06.2019 10:30
Mathematics, 30.06.2019 10:30
Mathematics, 30.06.2019 10:30
Arts, 30.06.2019 10:30
Mathematics, 30.06.2019 10:30
