Question
LO2 through LO4 P 3-4 Statement of financial postion preparation The following is a December 31, 2013, post-closing trial balance for the Weismuller Publishing
LO2 through LO4 P 3-4 Statement of financial postion preparation The following is a December 31, 2013, post-closing trial balance for the Weismuller Publishing Company. Account Title Cash Accounts receivable Inventories Debits Credits 65,000 160,000 285,000 Prepaid expenses 148,000 Machinery and equipment 320,000 Accumulated depreciation-equipment 110,000 Investments 140,000 Accounts payable 60,000 Interest payable 20,000 Unearned revenue 80,000 Taxes payable 30,000 Notes payable 200,000 Allowance for uncollectible accounts Ordinary share capital 16,000 400,000 Retained earnings Totals 202,000 1,118,000 1,118,000 Additional information: 1. Prepaid expenses include $120,000 paid on December 31, 2013, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility.
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