Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts...

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Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Current assets Cash Debits $ 32,000 70,000 95,000 Investment in equity securities Accounts receivable Allowance for uncollectible accounts Prepaid expenses Total current assets 58,000 134,000 335,000 89,000 19,000 39,000 Investments Credits Additional Information 1. The $134,000 balance in the land account consists of $107,000 for the cost of land where the plant and office buildings are located. The remaining $27,000 represents the cost of land being held for speculation. 2. The $58,000 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. 3. The notes payable account consists of a $114,000 note due in six months and a $171,000 note due in three annual installments of $57,000 each, with the first payment due in August of 2025. $ 17,000 Required: Prepare a classified balance sheet for the Valley Pump Corporation of December 31, 2024. Use the additional information to help determine appropriate classifications and account balances. Note: Amounts to be deducted should be indicated by a minus sign.. VALLEY PUMP CORPORATION Balance Sheet At December 31, 2024 Assets 107,000 32,000 72,000 27,000 285,000 7,000 270,000 54,000 $ 871,000 $ 871,000 S 32,000 70,000 95,000 7,000 39,000 243,000 4 Exercise 3-5 (Algo) Balance sheet preparation [LO3-2, 3-3] The following are the ending balances of accounts at December 31, 2024, for the Valley Pump Corporation Account Title Cash Accounts receivable Inventory Interest payable Investment in equity securities Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Copyright (net) Prepaid expenses (next 12 months) Accounts payable Deferred revenue (next 12 months) Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Current assets Cash Debits $ 32,000 70,000 95,000 Investment in equity securities Accounts receivable Allowance for uncollectible accounts Prepaid expenses Total current assets 58,000 134,000 335,000 89,000 19,000 39,000 Investments Credits Additional Information 1. The $134,000 balance in the land account consists of $107,000 for the cost of land where the plant and office buildings are located. The remaining $27,000 represents the cost of land being held for speculation. 2. The $58,000 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. 3. The notes payable account consists of a $114,000 note due in six months and a $171,000 note due in three annual installments of $57,000 each, with the first payment due in August of 2025. $ 17,000 Required: Prepare a classified balance sheet for the Valley Pump Corporation of December 31, 2024. Use the additional information to help determine appropriate classifications and account balances. Note: Amounts to be deducted should be indicated by a minus sign.. VALLEY PUMP CORPORATION Balance Sheet At December 31, 2024 Assets 107,000 32,000 72,000 27,000 285,000 7,000 270,000 54,000 $ 871,000 $ 871,000 S 32,000 70,000 95,000 7,000 39,000 243,000 4

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A classified balance sheet for the Valley Pump Corporation at December 31 2024 Valley Pump Corporati... View the full answer