Question

In: Accounting

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, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility. Investments include $33,000 in Treasury bills purchased on November 30, 2018. The bills mature on January 30, 2019. The remaining $113,000 includes investments in marketable equity securities that the company intends to sell in the next year. Deferred revenue represents customer prepayments for magazine subscriptions. Subscriptions are for periods of one year or less. The notes payable account consists of the following: a $43,000 note due in six months. a $103,000 note due in six years. a $69,000 note due in three annual installments of $23,000 each, with the next installment due August 31, 2019. The common stock account represents 403,000 shares of no par value common stock issued and outstanding. The corporation has 800,000 shares authorized. Required: Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2018.

Solutions

Expert Solution

Weismuler Publishing Company
At the Year Ended December 31, 2018
Liabilities Amt.($) Assets Amt.($)
Current Liabilities: Current Assets:
    Accounts Payable               63,000     Cash               71,000
    Interest Payable               23,000     Accounts Receivable             166,000
    Deffered Revenue               83,000     Investment             113,000
    Taxes Payable               33,000     Treasury Bills               33,000
    Accumulated dep.-equipment             113,000     Inventories             288,000
    Notes Payable               43,000     Prepaid Expenses               28,000
    Allowance for uncollectible debts               19,000            Total Current Assets $         699,000
         Total Current Liabilities $         377,000 Intangible Assets:
Long-term Notes             172,000 Property, Plant and equipment:
         Total Liabilities $         549,000     Building             126,000
Stockholder Equity:     Machinery and Equipment             326,000
    Common Stock             403,000            Total Intangible Assets $         452,000
    Retained Earnings             199,000
Total Stockholder's equity $         602,000
Total Liabilities and Stockholders equity $     1,151,000 Total Assets $     1,151,000

Related Solutions

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 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 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...
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: Prepaid expenses include $158,000 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 Valley Pump...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump Corporation. Account Title Debits Credits Cash 32,000 Accounts receivable 70,000 Inventories 95,000 Interest payable 17,000 Marketable securities 58,000 Land 134,000 Buildings 335,000 Accumulated depreciation—buildings 107,000 Equipment 89,000 Accumulated depreciation—equipment 32,000 Copyright (net of amortization) 19,000 Prepaid expenses (next 12 months) 39,000 Accounts payable 72,000 Deferred revenues (next 12 months) 27,000 Notes payable 285,000 Allowance for uncollectible accounts 7,000 Common stock 270,000 Retained earnings 54,000...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT