Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can someone look at this for me and help me calculate the answers? The following is the ending balances of accounts at December 31, 2021,

Can someone look at this for me and help me calculate the answers?

image text in transcribedimage text in transcribedimage text in transcribed

The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Credits $ Debits 91,000 186,000 298,000 174,000 346,000 $ 123,000 166,000 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 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, 2021, for a two-year lease 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, 2021. The bills mature on January 30, 2022. 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 magazine 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, 2022. 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, 2021. (Amounts to be deducted should WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Cash and cash equivalents Investment in equity securities Accounts receivable Allowance for uncollectible accounts Net accounts receivable $ 134,000 123,000 186,000 (186,000) 0 257,000 Total current assets Property, plant, and equipment: 0 Net property, plant, and equipment Other assets: Total assets $ 257,000 Liabilities and Shareholders' Equity Current liabilities: Total assets $ 257,000 Liabilities and Shareholders' Equity Current liabilities: 0 Total current liabilities Long-term liabilities: 0 Total liabilities Shareholders' equity 0 Total shareholders' equity Total liabilities and shareholders' equity $ 0

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

Audit Risk Alert Employee Benefit Plans Industry Developments 2019

Authors: AICPA

1st Edition

1948306867, 978-1948306867

More Books

Students also viewed these Accounting questions

Question

2. What is the impact of information systems on organizations?

Answered: 1 week ago

Question

Evaluate the impact of technology on HR employee services.

Answered: 1 week ago