Acct 201Excel assignment 3

Acct 201Excel assignment 3 - 189,000 Interest payable...

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Vosburgh Electronics Corporation Balance Sheet December 31, 2009 Assets Current assets: Cash 67,000 Short-term investment 182,000 Recievables 123,000 Less: Allowance for uncollectible Accounts -8,000 115,000 Note recievable 50,000 Interest receivables 12,000 Nontrade recievables 40,000 Inventories 215,000 Prepaid expenses (for 2010) 16,000 Total current assets 747,000 Investments 35,000 Note recievable 200,000 Property, plant, and equipment: Land 280000 Building 1,550,000 Machinery and equipment 637,000 less: Accumulated depreciation-building -620,000 Accumulated depreciation-equipment -210,000 Net property, plant, and equipment 1,637,000 Intangibles: Patents 152,000 Franchise 40,000 Total assets 2,761,000 Current liabilities: Liabilities and Shareholders' Equity Accounts payable
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Unformatted text preview: 189,000 Interest payable 16,000 Taxable payable 40,000 Dividends payable (payable on 1/16/10) 10,000 Total current liabilities: 255,000 Long-term liabilities: Note payable 300,000 Unaerned revenue 60,000 Total long-term liabilities: 360,000 Shareholders' equity: Common stock, no par,1 million shares authorized 500,000shares issued and outstanding 2,000,000 Retained Earnings 146,000 Total sharesholders' equity 2,146,000 Total liabilities and sharesholders' equity 2,761,000 Notes: (1)$50,000 treasure bills classified as marketable securities Purchased Dec. 15, 2009 (2) Nontrade Recievables classified as loans to employees (3) 4.8% interest due annually on notes receivables...
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This note was uploaded on 02/12/2012 for the course ECONOMICS 101 taught by Professor Obiene during the Spring '11 term at Essex County College.

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