Answer:
<u>Valley Pump Corporation</u>
<u>Classified balance sheet as at December 31, 2021.</u>
Assets
<u>Non-Current Assets</u>
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
Copyright (net) 29,000
Total Non-Current Assets 557,000
<u>Current Assets</u>
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
<u>Equity</u>
Common stock 370,000
Retained earnings 34,000
Total Equity 404,000
<u>Liabilities</u>
<u>Non Current Liabilities</u>
Notes payable 201,000
Total Non Current Liabilities 201,000
<u>Current Liabilities</u>
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.
