Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone show complete steps to fill these boxes out ? Help 2 The following is the ending balances of accounts at December 31, 2021,
Can someone show complete steps to fill these boxes out ? Help
2 The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company 3 nts cBook 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 Debits Credits $ 87,000 182,000 296,000 170,000 342,000 $ 121,000 162,000 71,000 31,000 91,000 41,000 255,000 27,000 411,000 191,000 $1,239,000 $1,239,000 Print Feferences Additional information: 1. Prepaid expenses include $142.000 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 $41,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $121,000 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 $51,000 note due in six months. b. a $132,000 note due in six years. c. a $72,000 note due in three annual installments of $24,000 each, with the next installment due August 31, 2022. 5. The common stock account represents 411,000 shares of no par value common stock issued and outstanding. The corporation has 822,000 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.) WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets $ 128,000 121,000 Current assets Cash and cash equivalents Investment in equity securities Accounts receivable Allowance for uncollectible accounts Net accounts receivable 182,000 182,000 431,000 Total current assets Property, plant, and equipment: 0 Net property, plant, and equipment Other assets: Total assets $ 431,000 Liabilities and Shareholders' Equity Current liabilities 0 Total current liabilities Long-term liabilities 0 Total liabilities Shareholders' equity Common stock Retained earnings s 411,000 191.000 Total shareholders' equity Total liabilities and shareholders' equity 602.000 602.000 $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started