The following is the ending balances of accounts at December 31, 2016 for the Valley Pump Corporation.
Question:
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Additional Information:
1. The $120,000 balance in the land account consists of $100,000 for the cost of land where the plant and office buildings are located. The remaining $20,000 represents the cost of land being held for speculation.
2. The $44,000 in the marketable 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.
3. The notes payable account consists of a $100,000 note due in six months and a $150,000 note due in three annual installments of $50.000 each, with the first payment clue in August of 2017.
Required:
Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2016.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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VALLEY PUMP CORPORATION Balance Sheet At December 31 2016 Assets Current assets Cash 25000 Marketab...View the full answer
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