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51 01.06 The following trial balance was prepared by Vantage Electronics Corporation, a Canadian private enterprise, as of 31 December 20x5 The adjusting entries for 20x5 have been made, except for any related to the specific information noted below. Vantelectronics Trance 31 December 2015 Cash $20,000 Accounts receivable 20,000 Tuventories 16,000 Equipment 20,400 Land 5,000 Building 5.08 Prepaid expenses 898 Accounts payable $5.250 Note payable 12% 10,000 Share capital, 2,502 shares outstanding 22,50 Retained earnings 49,320 Total $18,370 380,170 Other information You find that certain errors and omissions are reflected in the trial balance below a The $20.000 balance in accounts receivable represents the entire amount owed to the complay, of this amount, S18 200 is from trade customers and 4% of that amount is estimated to be uncollectible The remaining amount owed to the company represents long-term advance to its president b. inventories include $1100 of goods incorrectly valued at double their cost le reported at $2.2001 No correction has been Ferra a violin An handen in the front heres butanging Metained earnings Totals 20 49,320 $88,370 $83,370 51 Other information You find that certain errors and omissions are reflected in the trial balance below 011123 a. The $20,000 balance in accounts receivable represents the entire amount owed to the company of this amount, $18.200 is from trade customers and 4% of that amount is estimated to be uncollectible. The remaining amount owed to the company represents a long-term advance to its president b. Inventores include $1,100 of goods incorrectly valued at double their coste reported at $2.200). No correction has been recorded. Office supplies on hand of $700 are also included in the balance of inventories, c. When the equipment and building were purchased new on 1 January 20X0 (le, six years earlier), they had estimated Wes of 10 and 25 years, respectively. They have been amortized using the straight-line method on the assumption of zero residual value and depreciation has been credited directly to the asset accounts. Amortization has been recorded for 20X5 d. The balance in the land account includes a $1,500 payment made as a deposit on the purchase of an adjoining tract. The option to buy it has not yet been exercised and probably will not be exercised during the coming year e. The interest-bearing note dated 1 April 20x5 matures 31 March 20X6. Interest on it has not been recorded for 20X5 Required: 1. Prepare a balance sheet. (List accounts in order of their liquidity.) VANTAGE ELECTRONICS CORPORATION 51 01.06 The following trial balance was prepared by Vantage Electronics Corporation, a Canadian private enterprise, as of 31 December 20x5 The adjusting entries for 20x5 have been made, except for any related to the specific information noted below. Vantelectronics Trance 31 December 2015 Cash $20,000 Accounts receivable 20,000 Tuventories 16,000 Equipment 20,400 Land 5,000 Building 5.08 Prepaid expenses 898 Accounts payable $5.250 Note payable 12% 10,000 Share capital, 2,502 shares outstanding 22,50 Retained earnings 49,320 Total $18,370 380,170 Other information You find that certain errors and omissions are reflected in the trial balance below a The $20.000 balance in accounts receivable represents the entire amount owed to the complay, of this amount, S18 200 is from trade customers and 4% of that amount is estimated to be uncollectible The remaining amount owed to the company represents long-term advance to its president b. inventories include $1100 of goods incorrectly valued at double their cost le reported at $2.2001 No correction has been Ferra a violin An handen in the front heres butanging Metained earnings Totals 20 49,320 $88,370 $83,370 51 Other information You find that certain errors and omissions are reflected in the trial balance below 011123 a. The $20,000 balance in accounts receivable represents the entire amount owed to the company of this amount, $18.200 is from trade customers and 4% of that amount is estimated to be uncollectible. The remaining amount owed to the company represents a long-term advance to its president b. Inventores include $1,100 of goods incorrectly valued at double their coste reported at $2.200). No correction has been recorded. Office supplies on hand of $700 are also included in the balance of inventories, c. When the equipment and building were purchased new on 1 January 20X0 (le, six years earlier), they had estimated Wes of 10 and 25 years, respectively. They have been amortized using the straight-line method on the assumption of zero residual value and depreciation has been credited directly to the asset accounts. Amortization has been recorded for 20X5 d. The balance in the land account includes a $1,500 payment made as a deposit on the purchase of an adjoining tract. The option to buy it has not yet been exercised and probably will not be exercised during the coming year e. The interest-bearing note dated 1 April 20x5 matures 31 March 20X6. Interest on it has not been recorded for 20X5 Required: 1. Prepare a balance sheet. (List accounts in order of their liquidity.) VANTAGE ELECTRONICS CORPORATION

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