I have 4 accounting hw questions related to balance sheets. Below is an example of the first question. I have unlimited amount of tries, so when the answers are sent to me I’ll make sure they are correct on my end. I need this done within the next 6-8hrs please and thank you!
The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company.
Account TitleDebitsCreditsCash$89,000 Accounts receivable 184,000 Inventory 297,000 Prepaid expenses 172,000 Equipment 344,000 Accumulated depreciation $122,000 Investments 164,000 Accounts payable 72,000 Interest payable 32,000 Deferred revenue 92,000 Income taxes payable 42,000 Notes payable 260,000 Allowance for uncollectible accounts 28,000 Common stock 412,000 Retained earnings 190,000 Totals$1,250,000 $1,250,000
- Prepaid expenses include $144,000 paid on December 31, 2021, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility.
- Investments include $42,000 in Treasury bills purchased on November 30, 2021. The bills mature on January 30, 2022. The remaining $122,000 is an investment in 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 $52,000 note due in six months.
- a $133,000 note due in six years.
- a $75,000 note due in three annual installments of $25,000 each, with the next installment due August 31, 2022.
- The common stock account represents 412,000 shares of no par value common stock issued and outstanding. The corporation has 824,000 shares authorized.
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.)