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Transcribed Image Text:Current assets:
Net accounts receivable
Total current assets
Property, plant, and equipment:
Net property, plant, and equipment
Other assets:
Total assets
Current liabilities:
Total current liabilities
Long-term Sabilities:
WEISMULLER PUBLISHING COMPANY
Balance Sheet
At December 31, 2024
Assets
Total current liabilities
Long-term liabilities:
Total liabilities
Shareholders' equity:
Liabilities and Shareholders' Equity
Show Transcribed Text
G
$
Total shareholders' equity
Total liabilities and shareholders' equity
J
0
+
0
0
$
0
0
0
Transcribed Image Text:The following is the ending balances of accounts at December 31, 2024, for the Welsmuller Publishing Company.
Account Title
Credits
Cash
Accounts receivable
Inventory
Prepaid expenses
Equipment
Accumulated depreciation.
Investments
Accounts payable
Interest payable
Deferred revenue
Income taxes payable
Notes payable
Allowance for uncollectible accounts.
Common stock
Retained earnings
Totals
Debits
$ 79,000
174,000
292,000
162,000
334,000
154,000
$1,195,000
$ 117,000
67,000
27,000
87,000
37,000
235,000
23,000
407,000
195,000
1,195,000
Additional information:
1. Prepaid expenses include $134,000 paid on December 31, 2024, for two year of rent on the building that houses both the
administrative offices and the manufacturing facility.
2. Investments include $37,000 in Treasury bills purchased on November 30, 2024. The bills mature on January 30, 2025. The
remaining $117,000 is an investment in equity securities that the company intends to sell in the next year.
3. Deferred revenue represents customer prepayments for subscriptions. Subscriptions are for periods of one year or less.
4. The notes payable account consists of the following:
a. a $47,000 note due in six months.
b. a $128,000 note due in six years.
c. a $60,000 note due in three annual installments of $20,000 each, with the next installment due August 31, 2025.
5. The common stock account represents 407,000 shares of no par value common stock issued and outstanding. The corporation
has 814,000 shares authorized.
Required:
Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2024.
Note: Amounts to be deducted should be indicated by a minus sign.
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