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The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing...

The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company.

Account TitleDebitsCredits
Cash$83,000




Accounts receivable
178,000




Inventory
294,000




Prepaid expenses
166,000




Equipment
338,000




Accumulated depreciation


$119,000

Investments
158,000




Accounts payable



69,000

Interest payable



29,000

Deferred revenue



89,000

Income taxes payable



39,000

Notes payable



245,000

Allowance for uncollectible accounts



25,000

Common stock



409,000

Retained earnings



193,000

Totals$1,217,000
$1,217,000



Additional information:

 1. Prepaid expenses include $138,000 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 $39,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $119,000 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 $49,000 note due in six months. b. a $130,000 note due in six years. c. a $66,000 note due in three annual installments of $22,000 each, with the next installment due August 31, 2022.

 5. The common stock account represents 409,000 shares of no par value common stock issued and outstanding. The corporation has 818,000 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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hi...i tried my level best..if you have any doubt please comment me..thank you

ekkarill92 answered 2 years ago
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