plz help with the question #1-5. prepare a balance sheet with the entries stated
ID: 2337748 • Letter: P
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plz help with the question #1-5. prepare a balance sheet with the entries stated for number 1-5
Prepure a classified balance sheet for the Almway Corporation at December 31. 2018 3-4 The following is the ending balances of accounts at December 31, 2018, for Weismaller Publishing alance sheet Company eperation L03-2. LO3-3 Account Title Debits Cash 65,000 160.000 285,000 148,000 320,000 Accounts recelvable Inventories Prepaid expenses Machinery and equipment Accumulated depreciation-equipment Investments Accounts payable Interest payable Deferred revenue Taxes payable $ 110,0o0 140,000 60.000 20,000 80,000 30,000 200,000 Notes payable 16,000 Allowance for uncollectible accounts Common stock Retained earnings 400,000 202.000 $1,118,000 Totals $1,118,000 Additional Information 1. Prepaid expenses include $120,000 paid on December 31, 2018, for a two-year lease on the building that houses both the administrative offices and the manufacturing facility. 2. Investments include $30,000 in Treasury bills purchased on November 30, 2018. The bills mature on Janu- ary 30, 2019. The remaining $110,000 includes investments in marketable equity securities that the company intends to sell in the next year of one year or less. a. a $40,000 note due in six months 3. Deferred revenue represents customer prepayments for magazine subscriptions. Subscriptions are for periods 4. The notes payable account consists of the following: b. a $100,000 note due in six yearsExplanation / Answer
Balance Sheet as on 31st December 2018 Assets Current Assets Cash 65000 Accounts Receivable 160000 Less: Allowance for uncollectible accounts -16000 Inventories 285000 Prepaid Expenses 28000 Prepaid expenses for building - office and manufacturing 120000 Short term Investements 30000 Total current assets 672000 Long term assets Available for sale investements 110000 Total long term assets 110000 Fixed Assets Machinery and Equipment 320000 Less: Accumulated depreciation -110000 Total fixed assets 210000 Total assets 992000 Liabilities and Equity Current Liabilities Accounts payable 60000 Interest payable 20000 Deferred revenue 80000 Taxes payable 30000 Notes payable Due in 6 months 40000 Due next year 20000 Total current liabilities 250000 Long term Liabilities Notes payable due in 6 years 100000 Notes payable due in 2 years 40000 Total long term liabilities 140000 Shareholder's equity Authorized common stock: 800000 shares of no par value Issued Common stock of 400000 shares 400000 Retained Earnings 202000 Total equity 602000 Total Liabilities and Equity 992000 Investments maturing in January are classified as Short term investements
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