Question

The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company.

Answer 1

Answer:

A balance sheet for Weismuller publishing for December 31 2021 was prepared and recorded in the explanation section below

Explanation:

Solution

COMPANY: WEISMULLER PUBLISHING Balance Sheet At December 31 2021 Assets

Current assets:

Cash and cash equivalents ($91,000 + $43000)        $134000

Short term investments ($166,000 - $43000)             $123000

The net accounts receivable ($186,000 =$29,000)    $175,000

Inventory                                                                         $298,000

Prepaid expense [174,000-(14600/2)]                           $101,000

The total current assets                                                $813,000

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