The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company. Account Title Cash Debits $91,000 186,000 298,000 174,000 346,000 166,000 Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals $1,261,000 Credits $ 123,000 73,000 33,000 93,000 43,000 Current assets: 265,000 29,000 Additional information: 1. Prepaid expenses include $146,000 paid on December 31, 2024, for two year of rent 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, 2024. The bills mature on January 30, 2025. 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 subscriptions. Subscriptions are for periods of one year or less. 4. The notes payable account consists of the following: 413,000 189,000 $ 1,261,000 a. a $53,000 note due in six months. b. a $134,000 note due in six years. c. a $78,000 note due in three annual installments of $26,000 each, with the next installment due August 31, 2025. WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2024 Assets 5. 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, 2024. Note: 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
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The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company.
Account Title
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
Common stock
Retained earnings
Totals
Debits
$ 91,000
186,000
298,000
174,000
346,000
166,000
$ 123,000
73,000
33,000
93,000
43,000
265,000
29,000
413,000
189,000
$ 1,261,000 1,261,000
$
Additional information:
1. Prepaid expenses include $146,000 paid on December 31, 2024, for two year of rent 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, 2024. The bills mature on January 30, 2025. 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 subscriptions. Subscriptions are for periods of one year or less.
4. The notes payable account consists of the following:
a. a $53,000 note due in six months.
b. a $134,000 note due in six years.
c. a $78,000 note due in three annual installments of $26,000 each, with the next installment due August 31, 2025.
5. The common stock account represents 413,000 shares of no par value common stock issued and outstanding. The corporation
has 826,000 shares authorized.
Current assets:
Required:
Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2024.
Note: Amounts to be deducted should be indicated by a minus sign.
WEISMULLER PUBLISHING COMPANY
Balance Sheet
At December 31, 2024
Assets
Transcribed Image Text:The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company. Account Title 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 Common stock Retained earnings Totals Debits $ 91,000 186,000 298,000 174,000 346,000 166,000 $ 123,000 73,000 33,000 93,000 43,000 265,000 29,000 413,000 189,000 $ 1,261,000 1,261,000 $ Additional information: 1. Prepaid expenses include $146,000 paid on December 31, 2024, for two year of rent 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, 2024. The bills mature on January 30, 2025. 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 subscriptions. Subscriptions are for periods of one year or less. 4. The notes payable account consists of the following: a. a $53,000 note due in six months. b. a $134,000 note due in six years. c. a $78,000 note due in three annual installments of $26,000 each, with the next installment due August 31, 2025. 5. The common stock account represents 413,000 shares of no par value common stock issued and outstanding. The corporation has 826,000 shares authorized. Current assets: Required: Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign. WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2024 Assets
Required:
Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2024.
Note: Amounts to be deducted should be indicated by a minus sign.
os
Current assets:
Net accounts receivable
Total current assets
Property, plant, and equipment:
Net property, plant, and equipment i
Other assets:
WEISMULLER PUBLISHING COMPANY
Balance Sheet
At December 31, 2024
Assets
Total assets
Current abilities:
Total rent liabilities
Long-term liabilities:
Liabilities and Shareholders' Equity
Transcribed Image Text:Required: Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign. os Current assets: Net accounts receivable Total current assets Property, plant, and equipment: Net property, plant, and equipment i Other assets: WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2024 Assets Total assets Current abilities: Total rent liabilities Long-term liabilities: Liabilities and Shareholders' Equity
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