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The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Account Title Debits Credits Cash $ 75,000 Accounts

The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company.

Account Title Debits Credits
Cash $ 75,000
Accounts receivable 170,000
Inventory 290,000
Prepaid expenses 158,000
Equipment 330,000
Accumulated depreciation $ 115,000
Investments 150,000
Accounts payable 65,000
Interest payable 25,000
Deferred revenue 85,000
Income taxes payable 35,000
Notes payable 225,000
Allowance for uncollectible accounts 21,000
Common stock 405,000
Retained earnings 197,000
Totals $ 1,173,000 $ 1,173,000

Additional information:

  1. Prepaid expenses include $130,000 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 $35,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $115,000 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:
  1. a $45,000 note due in six months.
  2. a $105,000 note due in six years.
  3. a $75,000 note due in three annual installments of $25,000 each, with the next installment due August 31, 2022.
  1. The common stock account represents 405,000 shares of no par value common stock issued and outstanding. The corporation has 810,000 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.)

Please give me the 100% correct answer. Thank you!

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