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The following is the ending balances of accounts at December 31, 2016, for the Weismuller Publishing Company. Account Title Debits Credits Cash 99,000 Accounts receivable

The following is the ending balances of accounts at December 31, 2016, for the Weismuller Publishing Company.

Account Title Debits Credits
Cash 99,000
Accounts receivable 194,000
Inventories 302,000
Prepaid expenses 182,000
Machinery and equipment 354,000
Accumulated depreciationequipment 127,000
Investments 174,000
Accounts payable 77,000
Interest payable 37,000
Deferred revenue 97,000
Taxes payable 47,000
Notes payable 285,000
Allowance for uncollectible accounts 33,000
Common stock 417,000
Retained earnings 185,000
Totals 1,305,000 1,305,000

Additional information:
1.

Prepaid expenses include $154,000 paid on December 31, 2016, 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, 2016. The bills mature on January 30, 2017. The remaining $127,000 includes investments in marketable 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, 2017.

5.

The common stock account represents 417,000 shares of no par value common stock issued and outstanding. The corporation has 900,000 shares authorized.

Required:

Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2016.(Amounts to be deducted should be indicated by a minus sign.)

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