Homework SourseI cant figure out how to make the adjustments and need to kn
I can\'t figure out how to make the adjustments and need to know how to prepare a classified balance sheet for Voshburgh at December 31, 2018
Connect https//newconnect.mheducation.com/flow/connect.html 8MyLab & Mastering l Saved The following is the ending balances of accounts at December 31, 2018 for the Vosburg Account Title Debits Cash Short-term investments Accounts receivable Long-term investments Inventories Loans to employees Prepaid expenses (for 2019) Land 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 89,000 204,000 145,880 46,0e0 226,000 51,000 27,000 291,800 1,660,000 648,000 163,000 51,000 305,000 23,800 631,900 221,000 200,000 21,00 27,000 51,000 71,000 322,000 19,000 2,844,000 322,000 3,929,000 3,929,000 Prex 7 of 7 Nex archSolution
Balance Sheet :-
| Assets | Amount($) | Amoun($) |
| Current Assets:- | ||
| Cash and Equivalent Cash($89000+$61000) | 150000 | |
| Marketable Securities($204000-$61000) | 143000 | |
| Account Receivables | 145000 | |
| Less : allowance for uncollectible accounts | (19000) | 126000 |
| Loans to Employees | 51000 | |
| Interest Receivable | 23000 | |
| Notes Receivable (Current Portion) | 61000 | |
| Inventories | 226000 | |
| Prepaid Expenses | 27000 | |
| Total Current Assets(A) | 807000 | |
| Non Current Assets :- | ||
| Long Term Investment | 46000 | |
| Note Receivables($305000 - $61000) | 244000 | |
| Land | 291000 | |
| Building | 1660000 | |
| Less : accumulated Depreciation | (631000) | 1029000 |
| Machinery and equipment | 648000 | |
| Less : Accumulated Depreciation | (221000) | 427000 |
| Patent | 163000 | |
| Franchise | 51000 | |
| Total Non Current Assets(B) | 2251000 | |
| Total Assets(A+B) | 3058000 | |
| Liabilities and Equity | ||
| Current Liabilities :- | ||
| Account Payable | 200000 | |
| Dividend Payable | 21000 | |
| Interest Payable | 27000 | |
| Taxes Payable | 51000 | |
| Unearned Revenues ($71000*20%) | 14200 | |
| Total Current Liabilities(1) | 313200 | |
| Non Current Liabilities :- | ||
| Note Payable | 322000 | |
| Unearned Revenues ($71000*80%) | 56800 | |
| Total Non Current Liabilities(2) | 378800 | |
| Shareholder\'s Equity:- | ||
| Common Stock | 2044000 | |
| Retained Earning | 322000 | |
| Total Shareholder\'s Equity(3) | 2366000 | |
| Total Liabilities and Equity(1+2+3) | 3058000 |
