Problems Help The following is the ending balances of accounts at December 31, 2

Question

Problems Help The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company Cash Accounts receivable Inventories Prepaid expenses Machinery and equipaent Accunulated depreciation-equipment Investments Accounta payable Interest payable Deterred revenue Taxes payable Notes payable Allowance for uncollectible accounts Common stock 160,000 285,00 148,000 .000 110,000 40,000 60,000 80,000 200,000 400,000 1,118,000 1,118,000 Totals Additional information: building that houses both the 1. Prepaid expenses include $120,000 paid on December 31, 2018, for a two year lease on the administrative offices and the manufacturing facility 2. Investments include $30,000 in Treasury bills purchased on November 30, 2018. The bills mature on January 30, 2019 The remaining $110,000 includes investments in marketable 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: a. 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 2019 The common stock account represents 400,000 shares of no par value common stock 800,000 shares authorized issued and outstanding. The corporation has 5. Reauired: Next C Prev4 of 4

Explanation / Answer

WEISMULLER PUBLISHING COMPANY Balance Sheet At Dec 31, 2018 Assets Current Assets Cash & Cash Equivalents (Includes Treasury Bills)        95,000.00 Short-term Investments      110,000.00 Accounts Receivable        160,000.00 Allowance for Uncollectible Accounts        (16,000.00)      144,000.00 Inventories      285,000.00 Prepaid Expenses        88,000.00 Total Current Assets       722,000.00 Property, Plant & Equipment Machinery & Equipment      320,000.00 Accumulated Depreciation - Equipment    (110,000.00) Total Property, Plant & Equipment       210,000.00 Other Assets Prepaid Expenses          60,000.00 Total Assets       992,000.00 Liabilities & Stockholders' Equity Liabilities Current Liabilities Accounts Payable        60,000.00 Interest Payable        20,000.00 Unearned Revenues        80,000.00 Taxes Payable        30,000.00 Notes Payable        40,000.00 Long Term Debt (Current Portion)        20,000.00 Total Current Liabilities       250,000.00 Long Term Liabilities Notes Payable       140,000.00 Total Liabilities       390,000.00 Stockholders' Equity Common Stock, no par value; 800,000 shares authorized; 400,000 shares issued and outstanding      400,000.00 Retained Earnings      202,000.00 Total Stockholders' Equity       602,000.00 Total Liabilities & Stockholders' Equity       992,000.00

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.