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The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Account Title Debits $ 71,000 166,000 288,000 154,000 326,000 Credits 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 $ 113,000 146,000 63,000 23,000 83,000 33,000 215,000 19,000 403,000 199,000 Common stock Retained earnings Totals $1,151,000 $1,151,000 Additional information: 1. Prepaid expenses include $126,000 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 $33,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $113,000 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 $43,000 note due in six months. b. a $103,000 note due in six years. c. a $69,000 note due in three annual installments of $23,000 each, with the next installment due August 31, 2022. 5. The common stock account represents 403,000 shares of no par value common stock issued and outstanding. The corporation has 806,000 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.)

The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Account Title Debits $ 71,000 166,000 288,000 154,000 326,000 Credits 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 $ 113,000 146,000 63,000 23,000 83,000 33,000 215,000 19,000 403,000 199,000 Common stock Retained earnings Totals $1,151,000 $1,151,000 Additional information: 1. Prepaid expenses include $126,000 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 $33,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $113,000 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 $43,000 note due in six months. b. a $103,000 note due in six years. c. a $69,000 note due in three annual installments of $23,000 each, with the next installment due August 31, 2022. 5. The common stock account represents 403,000 shares of no par value common stock issued and outstanding. The corporation has 806,000 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.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 10P: Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any...
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Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2021.

The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Debits $ 71,000 166,000 288,000 154,000 326,000 Account Title Credits Cash Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred revenue $ 113,000 146,000 63,000 23,000 83,000 33,000 215,000 19,000 403,000 199,000 Income taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals $1,151,000 $1,151,000 Additional information: 1. Prepaid expenses include $126,000 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 $33,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $113,000 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 $43,000 note due in six months. b. a $103,000 note due in six years. c. a $69,000 note due in three annual installments of $23,000 each, with the next installment due August 31, 2022. 5. The common stock account represents 403,000 shares of no par value common stock issued and outstanding. The corporation has 806,000 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.)
Transcribed Image Text:The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Debits $ 71,000 166,000 288,000 154,000 326,000 Account Title Credits Cash Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred revenue $ 113,000 146,000 63,000 23,000 83,000 33,000 215,000 19,000 403,000 199,000 Income taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals $1,151,000 $1,151,000 Additional information: 1. Prepaid expenses include $126,000 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 $33,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $113,000 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 $43,000 note due in six months. b. a $103,000 note due in six years. c. a $69,000 note due in three annual installments of $23,000 each, with the next installment due August 31, 2022. 5. The common stock account represents 403,000 shares of no par value common stock issued and outstanding. The corporation has 806,000 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.)
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