Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can i get help with this please The following is the ending balances of accounts at December 31,2024 , for the Weismuller Publishing Company. Additional

can i get help with this please
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following is the ending balances of accounts at December 31,2024 , for the Weismuller Publishing Company. Additional information: 1. Prepaid expenses include $136,000 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 $38,000 in Treasury bills purchased on November 30,2024 . The bills mature on January 30,2025 , The remaining $118,000 is an investment in equity securities that the company intends to sell in the next year. 3. Deferred revenue represents customer prepayments for subscriptions. Subsctiptions are for periods of one year or less. 4. The notes payable account consists of the following: a. a $48,000 note due in six months b. 3$129,000 note due in six years. c. a $63,000 note due in three annual installments of $21,000 each, with the next installment due August 31,2025 . 5. The common stock occount represents 408,000 shares of no par value common stock issued and outstanding The corporation has 816,000 shares authorized. Required: Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31,2024. Note: Amounts to be deducted sheuld be indicated by a minus sign. WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2024 Assets Current assets: \begin{tabular}{|l|l|l|} \hline Cash and cash equivalents & & \\ \hline & & \\ \hline Allowance for uncollectible accounts & & \\ \hline Accounts receivable & & \\ \hline Net accounts receivable & & \\ \hline & & \\ \hline & & \\ \hline Total current assets & & \\ \hline Property, plant, and equipment: & & \\ \hline Equipment & & \\ \hline Accumulated depreciation & & \\ \hline Net property, plant, and equipment & & \\ \hline Other assets: & & \\ \hline Prepaid expenses & & \\ \hline & & \\ \hline Total assets & & \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Warehouse Performance

Authors: Kenneth B. Ackerman

1st Edition

0963177680, 978-0963177681

More Books

Students also viewed these Accounting questions

Question

10-9 How have social technologies changed e-commerce?

Answered: 1 week ago