Question

In: Accounting

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 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:

  1. Prepaid expenses include $158,000 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 $49,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $129,000 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:
  1. a $59,000 note due in six months.
  2. a $140,000 note due in six years.
  3. a $96,000 note due in three annual installments of $32,000 each, with the next installment due August 31, 2022.
  1. The common stock account represents 419,000 shares of no par value common stock issued and outstanding. The corporation has 838,000 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.)

WEISMULLER PUBLISHING COMPANY
Balance Sheet
At December 31, 2021
Assets
Current assets:
Net accounts receivable 0
Total current assets 0
Property, plant, and equipment:
Net property, plant, and equipment 0
Other assets:
Total assets $0
Liabilities and Shareholders' Equity
Current liabilities:
Total current liabilities 0
Long-term liabilities:
Total liabilities 0
Shareholders’ equity:
Total shareholders’ equity 0
Total liabilities and shareholders’ equity $0

Solutions

Expert Solution

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

Related Solutions

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 Title Debits Credits Cash $ 105,000 Accounts receivable 200,000 Inventory 305,000 Prepaid expenses 188,000 Equipment 360,000 Accumulated depreciation $ 130,000 Investments 180,000 Accounts payable 80,000 Interest payable 40,000 Deferred revenue 100,000 Income taxes payable 50,000 Notes payable 300,000 Allowance for uncollectible accounts 36,000 Common stock 420,000 Retained earnings 182,000 Totals $ 1,338,000 $ 1,338,000 Additional information: Prepaid expenses include $160,000 paid on...
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 TitleDebitsCreditsCash$83,000Accounts receivable178,000Inventory294,000Prepaid expenses166,000Equipment338,000Accumulated depreciation$119,000Investments158,000Accounts payable69,000Interest payable29,000Deferred revenue89,000Income taxes payable39,000Notes payable245,000Allowance for uncollectible accounts25,000Common stock409,000Retained earnings193,000Totals$1,217,000$1,217,000Additional 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...
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 Title Debits Credits Cash $ 67,000 Accounts receivable 162,000 Inventory 286,000 Prepaid expenses 150,000 Equipment 322,000 Accumulated depreciation $ 111,000 Investments 142,000 Accounts payable 61,000 Interest payable 21,000 Deferred revenue 81,000 Income taxes payable 31,000 Notes payable 205,000 Allowance for uncollectible accounts 17,000 Common stock 401,000 Retained earnings 201,000 Totals $ 1,129,000 $ 1,129,000 Additional information: Prepaid expenses include $122,000 paid on...
The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company.
The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company.Account TitleDebitsCreditsCash$69,000Accounts receivable164,000Inventory287,000Prepaid expenses152.000Equipment324,000Accumulated depreciation$112,000Investments144,000Accounts payable62,000Interest payable22,000Deferred revenue82,000Income taxes payable32,000Notes payable210,000Allowance for uncollectible accounts18,000Common stock402,000Retained earnings200,000Totals$1,140,000$1,140,000Additional information: 1. Prepaid expenses include $124,000 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 $32,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $112,000...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company. Account Title Debits Credits Cash 101,000 Accounts receivable 196,000 Inventories 303,000 Prepaid expenses 184,000 Machinery and equipment 356,000 Accumulated depreciation—equipment 128,000 Investments 176,000 Accounts payable 78,000 Interest payable 38,000 Deferred revenue 98,000 Taxes payable 48,000 Notes payable 290,000 Allowance for uncollectible accounts 34,000 Common stock 418,000 Retained earnings 184,000 Totals 1,316,000 1,316,000 Additional information: Prepaid expenses include $156,000 paid on December 31, 2018,...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company. Account Title Debits Credits Cash 71,000 Accounts receivable 166,000 Inventories 288,000 Prepaid expenses 154,000 Machinery and equipment 326,000 Accumulated depreciation—equipment 113,000 Investments 146,000 Accounts payable 63,000 Interest payable 23,000 Deferred revenue 83,000 Taxes payable 33,000 Notes payable 215,000 Allowance for uncollectible accounts 19,000 Common stock 403,000 Retained earnings 199,000 Totals 1,151,000 1,151,000 Additional information: Prepaid expenses include $126,000 paid on December 31, 2018,...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company. Account Title Debits Credits Cash 73,000 Accounts receivable 168,000 Inventories 289,000 Prepaid expenses 156,000 Machinery and equipment 328,000 Accumulated depreciation—equipment 114,000 Investments 148,000 Accounts payable 64,000 Interest payable 24,000 Deferred revenue 84,000 Taxes payable 34,000 Notes payable 220,000 Allowance for uncollectible accounts 20,000 Common stock 404,000 Retained earnings 198,000 Totals 1,162,000 1,162,000 Additional information: Prepaid expenses include $128,000 paid on December 31, 2018,...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company. Account Title Debits Credits Cash 77,000 Accounts receivable 172,000 Inventories 291,000 Prepaid expenses 160,000 Machinery and equipment 332,000 Accumulated depreciation—equipment 116,000 Investments 152,000 Accounts payable 66,000 Interest payable 26,000 Deferred revenue 86,000 Taxes payable 36,000 Notes payable 230,000 Allowance for uncollectible accounts 22,000 Common stock 406,000 Retained earnings 196,000 Totals 1,184,000 1,184,000 Additional information: Prepaid expenses include $132,000 paid on December 31, 2018,...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company. Account Title Debits Credits Cash 73,000 Accounts receivable 168,000 Inventories 289,000 Prepaid expenses 156,000 Machinery and equipment 328,000 Accumulated depreciation—equipment 114,000 Investments 148,000 Accounts payable 64,000 Interest payable 24,000 Deferred revenue 84,000 Taxes payable 34,000 Notes payable 220,000 Allowance for uncollectible accounts 20,000 Common stock 404,000 Retained earnings 198,000 Totals 1,162,000 1,162,000 Additional information: Prepaid expenses include $128,000 paid on December 31, 2018,...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 69,000 Short-term investments 184,000 Accounts receivable 125,000 Long-term investments 36,000 Inventory 216,000 Receivables from employees 41,000 Prepaid expenses (for 2022) 17,000 Land 281,000 Building 1,560,000 Equipment 638,000 Patent (net) 153,000 Franchise (net) 41,000 Notes receivable 255,000 Interest receivable 13,000 Accumulated depreciation—building 621,000 Accumulated depreciation—equipment 211,000 Accounts payable 190,000 Dividends payable (payable on 1/16/2022) 11,000 Interest payable 17,000 Income...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT