The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Account Title Debits $ 71,000 166,000 288,000 154,000 326,000 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 $ 113,000 146,000 63,000 23,000 83,000 33,000 215,000 19,000 403,000 199,000 Common stock Retained earnings Totals $1,151,000 $1,151,000 Additional information: 1. Prepaid expenses include $126,000 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 $33,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $113,000 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: a. a $43,000 note due in six months. b. a $103,000 note due in six years. c. a $69,000 note due in three annual installments of $23,000 each, with the next installment due August 31, 2022. 5. The common stock account represents 403,000 shares of no par value common stock issued and outstanding. The corporation has 806,000 shares authorized. Required: Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

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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Question

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

The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company.
Debits
$ 71,000
166,000
288,000
154,000
326,000
Account Title
Credits
Cash
Accounts receivable
Inventory
Prepaid expenses
Equipment
Accumulated depreciation
Investments
Accounts payable
Interest payable
Deferred revenue
$ 113,000
146,000
63,000
23,000
83,000
33,000
215,000
19,000
403,000
199,000
Income taxes payable
Notes payable
Allowance for uncollectible accounts
Common stock
Retained earnings
Totals
$1,151,000
$1,151,000
Additional information:
1. Prepaid expenses include $126,000 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 $33,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The
remaining $113,000 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:
a. a $43,000 note due in six months.
b. a $103,000 note due in six years.
c. a $69,000 note due in three annual installments of $23,000 each, with the next installment due August 31, 2022.
5. The common stock account represents 403,000 shares of no par value common stock issued and outstanding. The corporation has
806,000 shares authorized.
Required:
Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2021. (Amounts to be deducted should
be indicated by a minus sign.)

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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