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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 $ 79,000 Accounts
The following is the ending balances of accounts at December 31, 2021, 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, 2021, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility.
- Investments include $37,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. 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 magazine 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, 2022.
- 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, 2021. (Amounts to be deducted should be indicated by a minus sign.)
WEI SMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets Current assets: Cash and cash equivalents s 116,000 Net accounts receivable 0 116.000 Total current assets Property, plant, and equipment: 0 Net property, plant, and equipment Other assets: Total assets S 116.000 Liabilities and Shareholders' Equity Current liabilities: 0 Total current liabilities Long-term liabilities: 0 Total liabilities Shareholders' equity 0 Total shareholders' equity Total liabilities and shareholders' equity S 0
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