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The following is the ending balances of accounts at December 3 1 , 2 0 2 4 , for the Weismuller Publishing Company. table
The following is the ending balances of accounts at December for the Weismuller Publishing Company. tableWEISMULLER PUBLISHING COMPANYBalance SheetAt December AssetsCurrent assets:Cash and cash equivalents,,,$Investment in equity securitiesInventoryAccounts receivable,,Allowance for uncollectible accountsNet accounts receivable,,,,InventoryPrepaid expenses,,,,Total current assets,,,,Property plant, and equipment:Equipment$Accumulated depreciation,,Net property, plant, and equipment,,,,Other assets:Prepaid expenses,,,,Total assets,,,$Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable,,,$Interest payable,,,,Deferred revenue,,,,Notes payable currentNotes payable current maturities of longterm debtIncome taxes payable,,,,Total current liabilities,,,,Longterm liabilities:Notes payable longtermTotal liabilities,,,,Shareholders equity:Common stock,$Retained earnings,,Total shareholders' equity,,,,Total liabilities and shareholders' equity,,,$
Additional information:
Prepaid expenses include $ paid on December for two year of rent on the building that houses both
the administrative offices and the manufacturing facility.
Investments include $ in Treasury bills purchased on November The bills mature on January
The remaining $ is an investment in equity securities that the company intends to sell in the next year.
Deferred revenue represents customer prepayments for subscriptions. Subscriptions are for periods of one year or
less.
The notes payable account consists of the following:
a a $ note due in six months.
b a $ note due in six years.
c a $ note due in three annual installments of $ each, with the next installment due August
The common stock account represents shares of no par value common stock issued and outstanding. The
corporation has shares authorized.
Required:
Prepare a classified balanced sheet for the Weismuller Publishing Company at December
Note: Amounts to be deducted should be indicated by a minus sign.
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