Posted: September 16th, 2017

The following is a December 31, 2013, post-closing trial balance for the Vosburgh Electronics Corporation

The following is a December 31, 2013, post-closing trial balance for the Vosburgh Electronics Corporation.

Account Title Debits Credits
Cash 95,000
Short-term investments 210,000
Accounts receivable 151,000
Long-term investments 49,000
Inventories 229,000
Loans to employees 54,000
Prepaid expenses (for 2014) 30,000
Land 294,000
Building 1,690,000
Machinery and equipment 651,000
Patent 166,000
Franchise 54,000
Note receivable 320,000
Interest receivable 26,000
Accumulated depreciation—building 634,000
Accumulated depreciation—equipment 224,000
Accounts payable 203,000
Dividends payable (payable on 1/16/14) 24,000
Interest payable 30,000
Taxes payable 54,000
Unearned revenue 74,000
Notes payable 328,000
Allowance for uncollectible accounts 22,000
Common stock 2,056,000
Retained earnings 370,000

Totals 4,019,000 4,019,000

Additional information:
1.
The common stock represents 1.1 million shares of no par stock authorized, 640,000 shares issued and outstanding.
2. The loans to employees are due on June 30, 2014.
3.
The note receivable is due in installments of $64,000, payable on each September 30. Interest is payable annually.
4.
Short-term investments consist of marketable equity securities that the company plans to sell in 2014 and $64,000 in treasury bills purchased on December 15 of the current year that mature on February 15, 2014. Long-term investments consist of marketable equity securities that the company does not plan to sell in the next year.
5.
Unearned revenue represents customer payments for extended service contracts. 75 percent of these contracts expire in 2014, the remainder in 2015.
6.
Notes payable consists of two notes, one for $114,000 due on January 15, 2015, and another for $214,000 due on June 30, 2016.

Required:
1.
Prepare a classified balance sheet for Vosburgh at December 31, 2013.

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