1 answer

Balance sheer preparation LOJ-2, LO3-3 The following is the ending balances of accounts at December 31,...

Question:

Balance sheer preparation LOJ-2, LO3-3 The following is the ending balances of accounts at December 31, 2021, for the Weisrul
Balance sheer preparation LOJ-2, LO3-3 The following is the ending balances of accounts at December 31, 2021, for the Weisruller Publishing Company Account Title Debits . Credits Cash $ 55,000 Accounts receivable 160,000 Inventory 285,000 Prepaid expenses 148.000 Equipment 320,000 Accumulated depreciation $ 110,000 Investments 140,000 Accounts payable 60.000 Interest payable 20,000 Deferred revenue 80,000 Income taxes payable 30,000 Notes payable 200.000 Allowance for uncollectible accounts 16,000 Common stock 400,000 Retained earnings 202,000 Totals $1,118,000 $1,118,000 Additional Information: 1. Prepaid expenses include $120,000 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 $10,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $110,000 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: 2. a $40,000 note due in six months. b. a $100,000 note due in six years. c. a $60,000 note due in three annual installments of $20,000 each, with the next installment due August 31, 2022. 5. The common stock account represents 400,000 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, 2021. Include headings for each classification, as well as titles for each classification's subtotal. An example of a classified bal- ance sheet can be found in the Concept Review Exercise at the end of Part A of this chapter.

Answers

WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2021 Assets Current assets Cash and cash equivalents Investment iLiabilities and Shareholders Equity Current liabilities: $ 60,000 S 20,000 S 80,000 S 30,000 $ 40,000 S 20,000 Accounts paya

Working Notes : Cash and cash equivalents Cash Treasury bills mature on January 30,2022 Cash and cash equivalents 1 S 65,000

  Notes payable under Long term Liabilities 5 ) Notes payable due in six years Add Notes payable annual installments those due

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