5 The following is the ending balances of accounts at Decemb

5 The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing Company. Credits Debits 79,000 174,000 292,000 162,000 334,000 Account Title Cash Accounts receivable Inventories Prepaid expenses Machinery and equipment Accumulated depreciation-equipment Investments Accounts payable Interest payable Deferred revenue Taxes payable Notes payable Allowance for uncollectible accounts Common stock Retained earnings Totals 10 points eBook 117,000 154,000 Print 67,000 27,000 87,000 37,000 235,000 23,000 407,000 195,000 1,195,000 1,195,000 References

Solution

WEISMULLER PUBLISHING COMPANY Balance Sheet At December 31, 2018 Assets Current assets Cash and cash equivalents (79000 + 37000) 116000 Accounts receivable, net of allowance (174000 - 23000) 151000 Inventories 292000 Prepaid expenses (162000 - 67000) 95000 Short-term investments 117000 Total current assets 771000 Property, plant, and equipment: Machinery and equipment 334000 Accumulated depreciation -117000 Net property, plant, and equipment 217000 Other assets Prepaid expenses (134000/2) 67000 Total assets 1055000 Liabilities and Shareholders\' Equity Current liabilities Accounts payable 67000 Interest payable 27000 Deferred revenue 87000 Taxes payable 37000 Notes payable 47000 Current maturities of long-term debt 20000 Total current liabilities 285000 Long-term liabilities Notes payable ($128000 + $40000) 168000 Total liabilities 453000 Shareholders\' equity Common stock 407000 Retained earnings 195000 Total shareholders\' equity 602000 Total liabilities and shareholders\' equity 1055000