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
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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:

  1. 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.
  2. 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.
  3. Deferred revenue represents customer prepayments for magazine subscriptions. Subscriptions are for periods of one year or less.
  4. The notes payable account consists of the following:
  1. a $53,000 note due in six months.
  2. a $134,000 note due in six years.
  3. a $78,000 note due in three annual installments of $26,000 each, with the next installment due August 31, 2022.
  1. 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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