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The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company. Account Title Debits Credits Cash 95,000 Accounts receivable

The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company.

Account Title

Debits

Credits

Cash

95,000

Accounts receivable

190,000

Inventories

300,000

Prepaid expenses

178,000

Machinery and equipment

350,000

Accumulated depreciationequipment

125,000

Investments

170,000

Accounts payable

75,000

Interest payable

35,000

Deferred revenue

95,000

Taxes payable

45,000

Notes payable

275,000

Allowance for uncollectible accounts

31,000

Common stock

415,000

Retained earnings

187,000

Totals

1,283,000

1,283,000

Additional information:

1. Prepaid expenses include $150,000 paid on December 31, 2018, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility.

2. Investments include $45,000 in Treasury bills purchased on November 30, 2018. The bills mature on January 30, 2019. The remaining $125,000 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 $55,000 note due in six months.

b. a $136,000 note due in six years.

c. a $84,000 note due in three annual installments of $28,000 each, with the next installment due August 31, 2019.

5. The common stock account represents 415,000 shares of no par value common stock issued and outstanding. The corporation has 800,000 shares authorized.

Required: Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

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