Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help Problem 3-4 (Algo) Balance sheet preparation (LO3-2, 3-3] 15 The following is the ending balances of accounts at December 31, 2021, for the

Please help

image text in transcribed

Problem 3-4 (Algo) Balance sheet preparation (LO3-2, 3-3] 15 The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Credits $ 10 points Debits 99,000 194,000 302,000 182,000 354,000 $ 127,000 eBook 174,000 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 Print 77,000 37,000 97,000 47,000 285,000 33,000 417,000 185,000 $1,305,000 References $1,305,000 Additional information: 1. Prepaid expenses include $154,000 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 $47.000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $127,000 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 $57,000 note due in six months. b. a $138,000 note due in six years. c. a $90,000 note due in three annual installments of $30,000 each, with the next installment due August 31, 2022. 5. The common stock account represents 417,000 shares of no par value common stock issued and outstanding. The corporation has 834.000 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

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

Study Guide For Use With Managerial Accounting

Authors: Ronald M. Copeland, Paul E. Dascher, Jerry R. Strawser, Robert H. Strawser

1st Edition

0873937651, 978-0873937658

More Books

Students also viewed these Accounting questions