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The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Additional information: 1. Prepald expenses include $148,000 pald
The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Additional information: 1. Prepald expenses include $148,000 pald on December 31,2021 , for a two-year lease on the bullding that houses both the administrative offices and the manufacturing facility. 2. Investments Include $44,000 in Treasury bills purchased on November 30,2021 . The bills mature on January 30,2022 . The remaining $124,000 is an Investment In equity securitles that the company intends to sell in the next year. 3. Deferred revenue represents customer prepayments for magazine subscriptions. Subscriptions are for perlods of one year or less. 4. The notes payable account consists of the following: a. a $54,000 note due in slx months. b. a $135,000 note due in slx years. c. a $81,000 note due in three annual Installments of $27,000 each, with the next Installment due August 31, 2022. 5. The common stock account represents 414,000 shares of no par value common stock 1ssued and outstanding. The corporation has 828,000 shares authorlzed. 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.)
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