In: Accounting
The following is the ending balances of accounts at December 31,
2021, for the Weismuller Publishing Company.
Account Title | Debits | Credits | |||||
Cash | $ | 103,000 | |||||
Accounts receivable | 198,000 | ||||||
Inventory | 304,000 | ||||||
Prepaid expenses | 186,000 | ||||||
Equipment | 358,000 | ||||||
Accumulated depreciation | $ | 129,000 | |||||
Investments | 178,000 | ||||||
Accounts payable | 79,000 | ||||||
Interest payable | 39,000 | ||||||
Deferred revenue | 99,000 | ||||||
Income taxes payable | 49,000 | ||||||
Notes payable | 295,000 | ||||||
Allowance for uncollectible accounts | 35,000 | ||||||
Common stock | 419,000 | ||||||
Retained earnings | 183,000 | ||||||
Totals | $ | 1,327,000 | $ | 1,327,000 | |||
Additional information:
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.)
|
Weismuller Publishing Company | ||
Decemebr, 31, 2021 | ||
Asset | ||
Current Assets | ||
Cash (103000+49000) | $152,000 | |
Short Term Investments | $129,000 | |
Accounts Receivable, net of allowance ($198000-35000) | $163,000 | |
Inventories | $304,000 | |
Prepaid Expenses (186000-79000) | $107,000 | $855,000 |
Property, Plant and Equipment | ||
Equipment | $358,000 | |
Accumulated Depreciation : Equipment | -$129,000 | |
Property, Plant And Equipment, net | $229,000 | |
Other Assets | ||
Prepaid Expenses (158000/2) | $79,000 | |
Total Assets | $1,163,000 | |
Liabilities and Stockholders' Equity | ||
Current Liabilities | ||
Accounts Payable | $79,000 | |
Interest Payable | $39,000 | |
Deferred Revenue | $99,000 | |
Taxes Payable | $49,000 | |
Notes Payable (59000+32000) | $91,000 | $357,000 |
Long Term Liabilities | ||
Notes Payable (140000+64000) | $204,000 | |
Stockholders' Equity | ||
Common Stock, no par value, 838,000 shares authorized, 419,000 shares issued and outstanding | $419,000 | |
Retained Earnings | $183,000 | $602,000 |
Total Liabilities and Stockholders' Equity | $1,163,000 |