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)
