The following is the ending balances of accounts at December 31, 2021, for the Welsmuller Publishing Company. Account Title Cash Debits 65,000 Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable, Deferred revenue Income taxes payable Notes payable Allowance for uncollectible accounts i Common stock Retained earnings Totals $ 160,000 285,000 148,000 320,000 140,000 Credits Current assets S 110,000 60,000 20,000 80,000 30,000 200,000 16,000 202,000 $1,118,000 $1,118,000 Additional Information: 1. Prepaid expenses include $120,000 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 $30,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $110,000 is an Investment in equity securities that the company intends to sell in the next year. WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets 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 $40,000 note due in six months. b. a $100,000 note due in six years. ca $60,000 note due in three annual Installments of $20,000 each, with the next Installment due August 31, 2022. 5. The common stock account represents 400,000 shares of no par value common stock issued and outstanding. The corporation has 800,000 shares authorized Required: Prepare a classified balanced sheet for the Welsmuller 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
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The following is the ending balances of accounts at December 31, 2021, for the Welsmuller Publishing Company.
Debits
65,000
160,000
285,000
148,000
320,000
Account Title
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
$
140,000
Current assets
S
Net accounts receivable
Credits
Additional Information:
1. Prepaid expenses include $120,000 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 $30,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The
remaining $110,000 is an Investment in equity securities that the company intends to sell in the next year
110,000
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:
Balance Sheet
At December 31, 2021
Assets
60,000
20,000
80,000
30,000
200,000
16,000
400,000
202,000
$1,118,000 $1,118,000
a. a $40,000 note due in six months.
b. a $100,000 note due in six years.
ca $60,000 note due in three annual Installments of $20,000 each, with the next Installment due August 31, 2022.
WEISMULLER PUBLISHING COMPANY
5. The common stock account represents 400,000 shares of no par value common stock issued and outstanding. The corporation has
800,000 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.)
Transcribed Image Text:The following is the ending balances of accounts at December 31, 2021, for the Welsmuller Publishing Company. Debits 65,000 160,000 285,000 148,000 320,000 Account Title 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 $ 140,000 Current assets S Net accounts receivable Credits Additional Information: 1. Prepaid expenses include $120,000 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 $30,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $110,000 is an Investment in equity securities that the company intends to sell in the next year 110,000 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: Balance Sheet At December 31, 2021 Assets 60,000 20,000 80,000 30,000 200,000 16,000 400,000 202,000 $1,118,000 $1,118,000 a. a $40,000 note due in six months. b. a $100,000 note due in six years. ca $60,000 note due in three annual Installments of $20,000 each, with the next Installment due August 31, 2022. WEISMULLER PUBLISHING COMPANY 5. The common stock account represents 400,000 shares of no par value common stock issued and outstanding. The corporation has 800,000 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.)
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 liabilities:
At December 31, 2021
Assets
Total liabilities
Shareholders' equity
Liabilities and Shareholders' Equity
Total shareholders' equity
Total liabilities and shareholders' equity
$
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 liabilities: At December 31, 2021 Assets Total liabilities Shareholders' equity Liabilities and Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity $
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