60.1K

Verified Solution

Link Copied!

The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company. Account Title Cash Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Additional information: Debits $ 105,000 200,000 305,000 188,000 360,000 180,000 Current assets: Credits $ 130,000 80,000 40,000 100,000 50,000 300,000 36,000 420,000 182,000 $ 1,338,000 $ 1,338,000 1. Prepaid expenses include $160,000 paid on December 31, 2024, for two year of rent on the building that houses both the administrative offices and the manufacturing facility. 2. Investments include $50,000 in Treasury bills purchased on November 30, 2024. The bills mature on January 30, 2025. The remaining $130,000 is an investment in equity securities that the company intends to sell in the next year. 3. Deferred revenue represents customer prepayments for subscriptions. Subscriptions are for periods of one year or less. 4. The notes payable account consists of the following: WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2024 Assets a. a $60,000 note due in six months. b. a $141,000 note due in six years. c. a $99,000 note due in three annual installments of $33,000 each, with the next installment due August 31, 2025. 5. The common stock account represents 420,000 shares of no par value common stock issued and outstanding. The corporation has 840,000 shares authorized. Required: Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign.

The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company. Additional information: 1. Prepaid expenses include $160,000 paid on December 31, 2024, for two year of rent on the building that houses both the administrative offices and the manufacturing facility 2. Investments include $50,000 in Treasury bills purchased on November 30, 2024. The-bills mature on January 30, 2025. The remaining $130,000 is an investment in equity socurities that the company intends to sell in the next year 3. Deferred revenue represents customer prepayments for subscriptions. Subscriptions afe for periods of one year of less. 4. The notes payable account consists of the following a. a $60,000 note due in six months. b. a $141,000 note due in six years c. \$ \$99,000 note due in three annual installments of $33,000 each, with the next installment due August 31,2025 5. The common stock account represents 420,000 shares of no par value common stock issued and outstanding. The corporation thas 840,000 shares authorized Required: Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31,2024 Note: Amounts to be deducted should be indicated by a minus sign

Answer & Explanation Solved by verified expert

See Answer