December 31, 2021 Account Title Debits Credits Cash 65,000 Accounts receivable 160,000 285,000 148,000 Inventory Prepaid expenses Equipment Accumulated depreciation 320,000 110,000 Investments 140,000 Accounts payable Interest payable 60,000 20,000 Deferred revenue 80,000 Income Taxes payable Notes payable 30,000 200,000 16,000 400,000 202,000 1,118,000 Allowance for uncollectible accounts Common stock Retained earnings Totals 1,118,000 Additional Information: Prepaid 2 year lease paid on 12/31/2021 Treasury bills purchased 11/30/2021 Treasury bill maturity Investments intended for sale next year |Prepaid subscriptions of 1 year or less $ 120,000 30,000 1/30/2022 $ 110,000 80,000 Note due in six months Note due in six years Note due in three annual installments Annual installment amount 40,000 $ 100,000 60,000 20,000 Shares of no par common stock 400,000 800,000 Shares of common stock authorized SSSS SS

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The first image is the Post Closing trial balance 

The second one is the format needed.

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WIESMULLER PUBLISHING COMPANY
Balance Sheet
At December 31, 2021
Assets
Current assets:
Cash and cash equivalents
Short-term investments in equity securities
Accounts receivable
Less: allowance for uncollectible accounts
Net accounts receivable
Inventory
Prepaid expenses
Total current assets
Property, plant, and equipment:
Equipment
Less: Accumulated depreciation
Net property, plant, and equipment
Other assets:
Prepaid expenses
Total assets
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable
Interest payable
Deferred revenues
Income Taxes payable
Notes payable
lond
tarm doht
Transcribed Image Text:WIESMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Cash and cash equivalents Short-term investments in equity securities Accounts receivable Less: allowance for uncollectible accounts Net accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment: Equipment Less: Accumulated depreciation Net property, plant, and equipment Other assets: Prepaid expenses Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Interest payable Deferred revenues Income Taxes payable Notes payable lond tarm doht
December 31, 2021
Account Title
Debits
Credits
Cash
65,000
160,000
285,000
Accounts receivable
Inventory
Prepaid expenses
Equipment
Accumulated depreciation
|Investments
Accounts payable
Interest payable
Deferred revenue
Income Taxes payable
Notes payable
148,000
320,000
110,000
140,000
60,000
20,000
80,000
30,000
200,000
16,000
Allowance for uncollectible accounts
Common stock
400,000
202,000
1,118,000
Retained earnings
Totals
1,118,000
Additional Information:
$ 120,000
30,000
Prepaid 2 year lease paid on 12/31/2021
Treasury bills purchased 11/30/2021
Treasury bill maturity
Investments intended for sale next year
Prepaid subscriptions of 1 year or less
1/30/2022
$ 110,000
80,000
40,000
$ 100,000
60,000
20,000
400,000
Note due in six months
Note due in six years
Note due in three annual installments
Annual installment amount
Shares of no par common stock
Shares of common stock authorized
800,000
SSSS SS
Transcribed Image Text:December 31, 2021 Account Title Debits Credits Cash 65,000 160,000 285,000 Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation |Investments Accounts payable Interest payable Deferred revenue Income Taxes payable Notes payable 148,000 320,000 110,000 140,000 60,000 20,000 80,000 30,000 200,000 16,000 Allowance for uncollectible accounts Common stock 400,000 202,000 1,118,000 Retained earnings Totals 1,118,000 Additional Information: $ 120,000 30,000 Prepaid 2 year lease paid on 12/31/2021 Treasury bills purchased 11/30/2021 Treasury bill maturity Investments intended for sale next year Prepaid subscriptions of 1 year or less 1/30/2022 $ 110,000 80,000 40,000 $ 100,000 60,000 20,000 400,000 Note due in six months Note due in six years Note due in three annual installments Annual installment amount Shares of no par common stock Shares of common stock authorized 800,000 SSSS SS
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