The following is the ending balances of accounts at December

The following is the ending balances of accounts at December 31, 2018 for the Vosburgh Electronics Corporation. Credits Account Title 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 Debits 91,000 206,000 147,000 47,000 227,000 52,000 28,000 292,000 1,670,000 649,000 164,000 52,000 310,000 24,000 632,000 222,000 201,000 22,000 28,000 52,000 72,000 324,000 20,000 2,048,000 338,000 3,959,000 3,959,000 Additional information: 1. The common stock represents 1.1 million shares of no par stock authorized, 620,000 shares issued and outstanding 2. The loans to employees are due on June 30, 2019 3. The note receivable is due in installments of $62,000, 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 2019 and $62,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2019. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year expire in 2019, the remainder in 2020 June 30, 2021. 5. Deferred revenue represents customer payments for extended service contracts. Eighty percent of these contracts 6. Notes payable consists of two notes, one for $112,000 due on January 15, 2020, and another for $212,000 due on

Solution

* is explained below:

Dear Student,

Best effort has been made to give quality and correct answer. But if you find any issues please comment your concern. I will definitely resolve your query.

Balance sheet
Assets
Current Assets:
Cash and cash equivalents*	$     153,000
Marketable securities *	$     144,000
Accounts receivable (net)*	$     127,000
Loans to employees	$        52,000
Interest receivable	$        24,000
Note receivable—current portion*	$        62,000
Inventories	$     227,000
Prepaid expenses	$        28,000
Total current assets		$     817,000
Investments:
Marketable securities	$        47,000
Note receivable*	$     248,000
Total investments		$     295,000
Property, plant, and equipment:
Land	$     292,000
Buildings	$ 1,670,000
Machinery and equipment	$     649,000
Less: Accumulated depreciation	$   (854,000)
Net property, plant, and equipment		$ 1,757,000
Intangible assets:
Patent	$     164,000
Franchise	$        52,000
Total intangible assets		$     216,000
Total assets		$ 3,085,000
Liabilities & Stockholder\'s Equity
Current liabilities:
Accounts Payable	$     201,000
Notes payable*	$     212,000
Interest Payable	$        28,000
Taxes payable	$        52,000
Dividend payable	$        22,000
Deferred Revenue*	$        57,600
Total current liabilities		$     572,600
Long-term liabilities:
Notes payable*	$     112,000
Deferred Revenue*	$        14,400
Total long-term liabilities		$     126,400
Stockholder\'s Equity
Common stock, no par, 1.1 Million shares authorized,620 thousand shares issued and outstanding	$ 2,048,000
Retained Earnings	$     338,000
Total StockHolder\'s Equty		$ 2,386,000
Total Liabilities & Stockholder\'s Equity		$ 3,085,000