The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Account Title Debits Credits Cash $ 91,000 Accounts receivable 186,000 Inventory 298,000 Prepaid expenses 174,000 Equipment 346,000 Accumulated depreciation $ 123,000 Investments 166,000 Accounts payable 73,000 Interest payable 33,000 Deferred revenue 93,000 Income taxes payable 43,000 Notes payable 265,000 Allowance for uncollectible accounts 29,000 Common stock 413,000 Retained earnings 189,000 Totals $ 1,261,000 $ 1,261,000 Additional information: Prepaid expenses include $146,000 paid on December 31, 2021, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility. Investments include $43,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $123,000 is an investment in equity securities that the company intends to sell in the next year. Deferred revenue represents customer prepayments for magazine subscriptions. Subscriptions are for periods of one year or less. The notes payable account consists of the following: a $53,000 note due in six months. a $134,000 note due in six years. a $78,000 note due in three annual installments of $26,000 each, with the next installment due August 31, 2022. The common stock account represents 413,000 shares of no par value common stock issued and outstanding. The corporation has 826,000 shares authorized. Required: Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2021

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 following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company.

Account Title	Debits	Credits
Cash	$	91,000
Accounts receivable		186,000
Inventory		298,000
Prepaid expenses		174,000
Equipment		346,000
Accumulated depreciation			$	123,000
Investments		166,000
Accounts payable				73,000
Interest payable				33,000
Deferred revenue				93,000
Income taxes payable				43,000
Notes payable				265,000
Allowance for uncollectible accounts				29,000
Common stock				413,000
Retained earnings				189,000
Totals	$	1,261,000	$	1,261,000

Additional information:

Prepaid expenses include $146,000 paid on December 31, 2021, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility.
Investments include $43,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $123,000 is an investment in equity securities that the company intends to sell in the next year.
Deferred revenue represents customer prepayments for magazine subscriptions. Subscriptions are for periods of one year or less.
The notes payable account consists of the following:

a $53,000 note due in six months.
a $134,000 note due in six years.
a $78,000 note due in three annual installments of $26,000 each, with the next installment due August 31, 2022.

The common stock account represents 413,000 shares of no par value common stock issued and outstanding. The corporation has 826,000 shares authorized.

Required:
Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2021

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