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The following is the ending balances of accounts at December 31, 2021, for the Welsmuller Publishing Company. Credits $ Debits 95, eee 190,eee 380,eee 178,000
The following is the ending balances of accounts at December 31, 2021, for the Welsmuller Publishing Company. Credits $ Debits 95, eee 190,eee 380,eee 178,000 350, eee $ 125,eee 178, eee Account Title Cash Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable Allowance for uncollectible accounts Connon stock Retained earnings Totals 75,000 35, eee 95, eee 45, eee 275, eee 31, eee 415,000 187,eee $1,283,000 $1,283,00 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 bilis 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. 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, 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.) be Indicated by a minus sign WEIBMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Accets Current assets Not accounts receivable Total current Property, plant, and equipment Net property, plant and equipment Other sects Total assets Liabilities and Shareholders' Equity Current abilities: Totalcumentales Long tomobilis Total abitis Shareholders equity Total shareholders equity Total libes and shaders auly
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