The following are the ending balances of accounts at December 31, 2021, for the Valley Pump...
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The following are the ending balances of accounts at December 31, 2021, 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 Debits $ 37,000 80,000 105,000 68,000 144,000 360,000 99,000 24,000 44,000 Credits $ 22,000 112,000 37,000 77,000 32,000 310,000 7,000 320,000 44,000 $961,000 $961,000 Additional Information: 1. The $144,000 balance in the land account consists of $112,000 for the cost of land where the plant and office buildings are located. The remaining $32,000 represents the cost of land being held for speculation 2. The $68,000 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 $124,000 note due in six months and a $186,000 note due in three annual installments of $62,000 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.) The following are the ending balances of accounts at December 31, 2021, 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 Debits $ 37,000 80,000 105,000 68,000 144,000 360,000 99,000 24,000 44,000 Credits $ 22,000 112,000 37,000 77,000 32,000 310,000 7,000 320,000 44,000 $961,000 $961,000 Additional Information: 1. The $144,000 balance in the land account consists of $112,000 for the cost of land where the plant and office buildings are located. The remaining $32,000 represents the cost of land being held for speculation 2. The $68,000 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 $124,000 note due in six months and a $186,000 note due in three annual installments of $62,000 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.)
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Answer Solution VALLEY PUMP CORPORATION Balance Sheet At December 312021 Assets Current assets Cash ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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