The following is the ending balances of accounts at December 31, 2024, for the Weismuller Publishing Company.
Account Title Debits Credits
Cash $ 103,000
Accounts receivable 198,000
Inventory 304,000
Prepaid expenses 186,000
Equipment 358,000
Accumulated depreciation $ 129,000
Investments 178,000
Accounts payable 79,000
Interest payable 39,000
Deferred revenue 99,000
Income taxes payable 49,000
Notes payable 295,000
Allowance for uncollectible accounts 35,000
Common stock 419,000
Retained earnings 183,000
Totals $ 1,327,000 $ 1,327,000
Additional information:
Prepaid expenses include $158,000 paid on December 31, 2024, for two year of rent on the building that houses both the administrative offices and the manufacturing facility.
Investments include $49,000 in Treasury bills purchased on November 30, 2024. The bills mature on January 30, 2025. The remaining $129,000 is an investment in equity securities that the company intends to sell in the next year.
Deferred revenue represents customer prepayments for subscriptions. Subscriptions are for periods of one year or less.
The notes payable account consists of the following:
a $59,000 note due in six months.
a $140,000 note due in six years.
a $96,000 note due in three annual installments of $32,000 each, with the next installment due August 31, 2025.
The common stock account represents 419,000 shares of no par value common stock issued and outstanding. The corporation has 838,000 shares authorized.
Required:
Prepare a classified balanced sheet for the Weismuller Publishing Company at December 31, 2024.
