The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company Accountitle Debits Credits Cash $ 95,00 Accounts receivable 190,00 Inventory 300,000 Prepaid expenses 175,000 Equipment Accumulated depreciation $ 125.000 Investments 170,000 Accounts payable 75,000 Teterest payable 35,000 Deferred revenue 95,000 Income taxes payable 45,000 Notes payable 275,000 Allowance for uncollectible accounts 31,000 Con stock 415,000 Retained earnings 107.000 Totals 51.283,000 $1,283,000 Additional information: 1. Prepaid expenses include $150,000 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 $45,000 in Treasury bills purchased on November 30, 2021 The bills mature on January 30, 2022. The remaining $125,000 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: a. a $55,000 note due in six months ba $136,000 note due in six years Ca $84.000 note due in three annual installments of $28,000 each with the next installment due August 31, 2022 5. The common stock account represents 415,000 shares of no par value common stock issued and outstanding. The corporation has 830,000 shares authorized Required: Prepare a classified balanced sheet for the Welsmuller Publishing Company at December 31, 2021 (Amounts to be deducted should be indicated by a minus sign.) WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets Current assets Cash and cash equivalents Accounts receivable Inventory Allowance for uncollectible accounts Net accounts receivable 5 95,000 190,000 300,000 31,000 331,000 3 25 points WERSMULUENTSURUMIA Balance Sheet At December 31, 2021 Assets Current assets Cash and cash equivalents Accounts receivable Inventory Allowance for uncollectible accounts Net accounts receivable S 95,000 190,000 eBook 300,000 31,000 Print 331,000 References 616,000 0 Total current assets Property, plant and equipment Land Buildings Net property, plant, and equipment Other assets Equipment Accumulated depreciation Total assets $ 616,000 Total assets $ 616,000 Liabilities and Shareholders' Equity Current liabilities Accounts payable Income taxes payable Interest expense Notes payable (current) Deferred revenue Salaries payable 0 Total current liabilities Long-term liabilities Notes payable (current maturities of long-term debt) 0 Total liabilities Shareholders' equity Common stock Retained earnings 0 Total shareholders' equity Total liabilities and shareholders' equity 0 Prey 3 of 4 HE Next >