Valley Pump Corporation - Balance sheet; Current versus noncurrent classification
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Account Titles
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Debits
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Credits
|
|
Cash
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$20,000
|
|
|
Account Receivable
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$130,000
|
|
|
Raw Materials
|
$24,000
|
|
|
Note Receivable
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$100,000
|
|
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Interest receivable
|
$3,000
|
|
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interest payable
|
|
$5,000
|
|
marketable securities
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$32,000
|
|
|
Land
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$50,000
|
|
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Buildings
|
$1,300,000
|
|
|
Accumulated depreciation -buildings
|
|
$620,000
|
|
Work in progress
|
$42,000
|
|
|
Finished Goods
|
$89,000
|
|
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Equipment
|
$300,000
|
|
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Accumulated depreciation- equipment
|
|
$130,000
|
|
Patent (net of amortization)
|
$120,000
|
|
|
Prepaid rent(for the next two years)
|
$60,000
|
|
|
Deferred revenue
|
|
$36,000
|
|
Account Payable
|
|
$180,000
|
|
Note Payable
|
|
$400,000
|
|
Cash restricted for payment of note payable
|
$80,000
|
|
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Allowance for uncollectible accounts
|
|
$13,000
|
|
Sales revenue
|
|
$800,000
|
|
Cost of goods sold
|
$450,000
|
|
|
Rent expense
|
$28,000
|
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Prepare a classified balance sheet for the Valley Pump Corporation at December 31, 2016.
Presented below is the ending balances of accounts for the Kansas Instruments Corporation at December 31, 2016.