Business, 20.09.2020 15:01 hannaho8714

The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporation. Account Title Debits Credits
Cash $ 42,000
Accounts receivable 90,000
Inventory 115,000
Interest payable $ 27,000
Investment in equity securities 78,000
Land 154,000
Buildings 385,000
Accumulated depreciation—buildings 117,000
Equipment 109,000
Accumulated depreciation—equipment 42,000
Copyright (net) 29,000
Prepaid expenses (next 12 months) 49,000
Accounts payable 82,000
Deferred revenue (next 12 months) 37,000
Notes payable 335,000
Allowance for uncollectible accounts 7,000
Common stock 370,000
Retained earnings 34,000
Totals $1,051,000 $ 1,051,000
1. The $154,000 balance in the land account consists of $117,000 for the cost of land where the plant and office buildings are located. The remaining $37,000 represents the cost of land being held for speculation.
The $78,000 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.
The notes payable account consists of a $134,000 note due in six months and a $201,000 note due in three annual installments of $67,000 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 from: asvpla

Valley Pump Corporation

Classified balance sheet as at December 31, 2021.

Assets

Non-Current Assets

Investment in equity securities 39,000

Land 117,000

Land Held for Sale 37,000

Buildings 385,000

Accumulated depreciation—buildings (117,000 ) 268,000

Equipment 109,000

Accumulated depreciation—equipment (42,000 ) 67,000

Total Non-Current Assets 557,000

Current Assets

Inventory 115,000

Investment in equity securities 39,000

Accounts receivable 90,000

Less Allowance for uncollectible accounts (7,000) 83,000

Prepaid expenses 49,000

Cash 42,000

Total Current Assets 328,000

Total Assets 885,000

Equity and Liabilities

Equity

Common stock 370,000

Retained earnings 34,000

Total Equity 404,000

Liabilities

Non Current Liabilities

Notes payable 201,000

Total Non Current Liabilities 201,000

Current Liabilities

Notes payable 134,000

Interest payable 27,000

Accounts payable 82,000

Deferred revenue 37,000

Total Current Liabilities 280,000

Total Liabilities 481,000

Total Equity and Liabilities 885,000

Explanation:

A Balance Sheet shows the Assets, Liability and Equity balances as the the Reporting date.

Answer from: Quest

As a costumer i would say c.hope it !

Answer from: Quest

Dwould be the correct answer to this problem

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