WELSMULLER PUBLISHING COMPANY, | ||
Balance Sheet | ||
at December 31,2021 | ||
ASSETS | ||
Current Assets | ||
Cash | 95,000 | |
Investment in Equity Securities | 125,000 | |
Accounts Receivable | 190,000 | |
Less:Allowance for uncollectible accounts | -31,000 | |
Net Accounts Receivable | 159,000 | |
Inventory | 300,000 | |
Prepaid Expenses | 103,000 | |
Treasury Bills | 45,000 | |
Total Current Assets | 827,000 | |
Property ,Plant & Equipment | ||
Equipment | 350,000 | |
Accumulated Depreciation | -125,000 | |
Net Property,Plant & Equipment | 225,000 | |
Other Assets | ||
Prepaid Expenses | 75,000 | |
Total Assets | 1,127,000 | |
Liabilities and Shareholder's Equity | ||
Current Liabilities | ||
Accounts Payable | 75,000 | |
Interest Payable | 35,000 | |
Deferred Revenue | 95,000 | |
Income Taxes Payable | 45,000 | |
Notes Payable | 83,000 | |
Total Current Liabilities | 333,000 | |
Long-Term Liabilities | ||
Notes Payable | 192,000 | |
Total Liabilities | 525,000 | |
Shareholder's Equity | ||
Common Stock | 415,000 | |
Retained Earnings | 187,000 | |
Total Shareholder's Equity | 602,000 | |
Total Liabilities and Shareholder's Equity | 1,127,000 |
Workings:
1) Prepaid Expenses
Total Prepaid Expenses $178,000
Less:Long term portion ($150,000/2) $75,000
Current Portion $103,000
2) Investments are current liabilities as they will be realized next year
3) Deferred Revenue is current liabilities as it is for less than one year.
4) Notes Payable (Current Liabilities)
Due in Six months $55,000
Installment due in 2022 $28,000
Notes Payable(current liabilities) $83,000
5) Long-term Notes Payable
Total Notes Payable $275,000
Less: Current Notes Payable ($83,000)
Long Term Notes Payable $192,000
(NOTE: Investments can also be shown as full amount in Short Term investments.)
The following is the ending balances of accounts at December 31, 2021, for the Welsmuller Publishing...
The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Account Title Debits Credits Cash $ 95,000 Accounts receivable 190,000 Inventory 300,000 Prepaid expenses 178,000 Equipment 350,000 Accumulated depreciation $ 125,000 Investments 170,000 Accounts payable 75,000 Interest payable 35,000 Deferred revenue 95,000 Income taxes payable 45,000 Notes payable 275,000 Allowance for uncollectible accounts 31,000 Common stock 415,000 Retained earnings 187,000 Totals $ 1,283,000 $ 1,283,000 Additional information: Prepaid expenses include $150,000 paid on...
The following is the ending balances of accounts at December 31, 2021, for the Weismuller Publishing Company. Account Title Debits Credits Cash $ 79,000 Accounts receivable 174,000 Inventory 292,000 Prepaid expenses 162,000 Equipment 334,000 Accumulated depreciation $ 117,000 Investments 154,000 Accounts payable 67,000 Interest payable 27,000 Deferred revenue 87,000 Income taxes payable 37,000 Notes payable 235,000 Allowance for uncollectible accounts 23,000 Common stock 407,000 Retained earnings 195,000 Totals $ 1,195,000 $ 1,195,000 Additional information: Prepaid expenses include $134,000 paid on...
The following is the ending balances of accounts at December 31, 2021, for the Welsmuller Publishing Company Credits $ Debits 87,000 182,000 296,000 170,000 342,000 $ 121,000 162,000 Account Title Cash Accounts receivable Inventory Prepaid expenses Equipment Accumulated depreciation Investments Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 71,000 31,000 91,000 41,000 255,000 27,000 411,000 191.000 $1,239,000 $1,239,000 Additional information: 1. Prepaid expenses include $142.000 paid on December...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2822) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation equipment Accounts payable Dividends payable (payable on 1/16/2822) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Connon stock Retained earnings Totals Debits Credits 69, eee 184,800...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits 69,800 184, eee 125,...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits 69,800 184, eee 125,...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2922) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation equipment Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits 69, eee 184,...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company. Account Title Debits Credits Cash 75,000 Accounts receivable 170,000 Inventories 290,000 Prepaid expenses 158,000 Machinery and equipment 330,000 Accumulated depreciation—equipment 115,000 Investments 150,000 Accounts payable 65,000 Interest payable 25,000 Deferred revenue 85,000 Taxes payable 35,000 Notes payable 225,000 Allowance for uncollectible accounts 21,000 Common stock 405,000 Retained earnings 197,000 Totals 1,173,000 1,173,000 Additional information: Prepaid expenses include $130,000 paid on December 31, 2018,...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Account Title Debits Credits Cash 83,000 Short-term investments 198,000 Accounts receivable 139,000 Long-term investments 43,000 Inventory 223,000 Receivables from employees 48,000 Prepaid expenses (for 2022) 24,000 Land 288,000 Building 1,630,000 Equipment 645,000 Patent (net) 160,000 Franchise (net) 48,000 Notes receivable 290,000 Interest receivable 20,000 Accumulated depreciation—building 628,000 Accumulated depreciation—equipment 218,000 Accounts payable 197,000 Dividends payable (payable on 1/16/2022) 18,000 Interest payable 24,000 Income...
The following is the ending balances of accounts at December 31, 2021, for the Vosburgh Electronics Corporation. Credits Account Title Cash Short-term investments Accounts receivable Long-term investments Inventory Receivables from employees Prepaid expenses (for 2022) Land Building Equipment Patent (net) Franchise (net) Notes receivable Interest receivable Accumulated depreciation-building Accumulated depreciation-equipment Accounts payable Dividends payable (payable on 1/16/2022) Interest payable Income Taxes payable Deferred revenue Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals Debits 71,000 186,000 127,000 37,000...