The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company.Account TitleCreditsCashDebits$ 105,000.200,000305,000188,000360,000180,000Accounts receivableInventoryPrepaid expensesEquipmentAccumulated depreciationInvestmentsAccounts payableInterest payableDeferred revenueIncome taxes payableNotes payableAllowance for uncollectible accountsCommon stockRetained earningsTotals$ 1,338,000$ 130,00080,00040,000100,00050,000300,00036,000420,000182,000$1,338,000Additional information:1. Prepaid expenses include $160,000 paid on December 31, 2024, for two year of rent on the building that houses both theadministrative offices and the manufacturing facility.2. Investments include $50,000 in Treasury bills purchased on November 30, 2024. The bills mature on January 30, 2025. Theremaining $130,000 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 $60,000 note due in six months.b. a $141,000 note due in six years.c. a $99,000 note due in three annual installments of $33,000 each, with the next installment due August 31, 2025.5. The common stock account represents 420,000 shares of no par value common stock issued and outstanding. The corporationhas 840,000 shares authorized.Required:Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2024. Current assets:WEISMULLER PUBLISHING COMPANYBalance SheetAt December 31, 2024AssetsNet accounts receivableTotal current assetsProperty, plant, and equipment:Net property, plant, and equipmentOther assets:Total assetsCurrent liabilities:Liabilities and Shareholders' EquityTotal current liabilitiesLong-term liabilities:Total liabilitiesShareholders' equity:Total shareholders' equityTotal liabilities and shareholders' equityS22en$00000

Name: The following is the ending balances of accounts at December 31, 2024
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Description: The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company.Account TitleCreditsCashDebits$ 105,000.200,000305,000188,000360,000180,000Accounts receivableInventoryPrepaid expensesEquipmentAccumulated

The company runs a business and has done many financial transactions. Every transaction should be…

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Accounting

The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company. Account Title Credits Cash Debits $ 105,000 200,000 305,000 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. 188,000 360,000 180,000 1,338,000 $ 130,000 80,000 40,000 100,000 50,000 300,000 36,000 420,000 182,000 $ 1,338,000 Additional information: 1. Prepaid expenses include $160,000 paid on December 31, 2024, for two year of rent on the building that houses both the administrative offices and the manufacturing facilibr

The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company. Account Title Credits Cash Debits $ 105,000 200,000 305,000 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. 188,000 360,000 180,000 1,338,000 $ 130,000 80,000 40,000 100,000 50,000 300,000 36,000 420,000 182,000 $ 1,338,000 Additional information: 1. Prepaid expenses include $160,000 paid on December 31, 2024, for two year of rent on the building that houses both the administrative offices and the manufacturing facilibr

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10PA: Elegant Universal uses the balance sheet aging method to account for uncollectible debt on...

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