Answer:
<h2>Weismuller Publishing Company</h2>
Balance Sheet
As of December 31, 2016
Assets:
Current Assets:
Cash                                         $65,000
Accounts receivable 160,000
less Allowance            16,000   144,000
Inventories                               285,000
Prepaid expenses                     148,000
Investments                              140,000    $782,000
Long-term Assets:
Machinery and equipment     320,000
Accumulated
 depreciation equipment         110,000     $210,000
Total Assets                                             $992,000
Current Liabilities:
Accounts payable                                       60,000
Interest payable                                          20,000
Deferred revenue                                       80,000
Taxes payable                                             30,000
Notes payable                                             60,000
Total current liabilities                           $250,000
Long-term liabilities:
Notes payable                                           140,000
Equity:
Common stock
Authorized, 800,000 shares at no par
Issued & outstanding, 400,000 shares 400,000
Retained earnings                                  202,000
Total Equity                                           $602,000
Total Liabilities + Equity                       $992,000
Explanation:
a) Data and Calculations:
Weismuller Publishing Company
Unadjusted Trial Balance as of December 31, 2016:
Account Title                           Debits        Credits
Cash                                    $65,000
Accounts receivable            160,000
Inventories                          285,000
Prepaid expenses                148,000
Machinery and equipment 320,000
Accumulated depreciation equipment    $110,000
Investments                         140,000
Accounts payable                                       60,000
Interest payable                                          20,000
Deferred revenue                                       80,000
Taxes payable                                             30,000
Notes payable                                          200,000
Allowance for uncollectible accounts        16,000
Common stock                                        400,000
Retained earnings                                  202,000
Totals                             $1,118,000      $1,118,000
b) Notes Payable:
Current $60,000 ($40,000 + $20,000)
Long-term $140,000 ($200,000 - $60,000)