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The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company. Account Title Debits Credits Cash $ 79,000 Accounts
The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company.
Account Title | Debits | Credits |
---|---|---|
Cash | $ 79,000 | |
Accounts receivable | 174,000 | |
Inventory | 292,000 | |
Prepaid expenses | 162,000 | |
Equipment | 334,000 | |
Accumulated depreciation | $ 117,000 | |
Investments | 154,000 | |
Accounts payable | 67,000 | |
Interest payable | 27,000 | |
Deferred revenue | 87,000 | |
Income taxes payable | 37,000 | |
Notes payable | 235,000 | |
Allowance for uncollectible accounts | 23,000 | |
Common stock | 407,000 | |
Retained earnings | 195,000 | |
Totals | $ 1,195,000 | $ 1,195,000 |
Additional information:
- Prepaid expenses include $134,000 paid on December 31, 2024, for two year of rent on the building that houses both the administrative offices and the manufacturing facility.
- Investments include $37,000 in Treasury bills purchased on November 30, 2024. The bills mature on January 30, 2025. The remaining $117,000 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 $47,000 note due in six months.
- a $128,000 note due in six years.
- a $60,000 note due in three annual installments of $20,000 each, with the next installment due August 31, 2025.
- The common stock account represents 407,000 shares of no par value common stock issued and outstanding. The corporation has 814,000 shares authorized.
Required:
Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2024.
Note: Amounts to be deducted should be indicated by a minus sign.
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