he following is the ending balances of accounts at December 3 1 , 2 0 2 4
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Question:
he following is the ending balances of accounts at December for the Weismuller Publishing Company.
Account Title Debits Credits
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:
Prepaid expenses include $ paid on December for two year of rent on the building that houses both the administrative offices and the manufacturing facility.
Investments include $ in Treasury bills purchased on November The bills mature on January The remaining $ is an investment in equity securities that the company intends to sell in the next year.
Deferred revenue represents customer prepayments for subscriptions. Subscriptions are for periods of one year or less.
The notes payable account consists of the following:
a $ note due in six months.
a $ note due in six years.
a $ note due in three annual installments of $ each, with the next installment due August
The common stock account represents shares of no par value common stock issued and outstanding. The corporation has shares authorized.
Required:
Prepare a classified balanced sheet for the Weismuller Publishing Company at December
Note: Amounts to be deducted should be indicated by a minus sign.
Related Book For
Intermediate Accounting
ISBN: 978-1259548185
8th edition
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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