50000 installments amounts beginning 2152017 10000

$ 50,000
Installments amounts beginning 2/15/2017 $ 10,000
Accounts Receivable balance (net) $ 60,000
Allowance for uncollectible accounts $ 8,000
Shares of no par common stock 100,000
Shares of common stock authorized 500,000

Student Name:
Instructor
Class: McGraw-Hill/Irwin
Problem 03-04
WIESMULLER PUBLISHING COMPANY
Balance Sheet
At December 31, 2016
Assets
Current assets:
Cash and cash equivalents $ 95,000
Short-term investments 110,000
Accounts receivable, net of allowance for
uncollectible accounts of $16,000 144,000
Inventories 285,000
Prepaid expenses 88,000
Total current assets 722,000
Property, plant, and equipment:
Machinery and equipment $ 320,000
Less: Accumulated depreciation (110,000)
Net property, plant, and equipment 210,000
Other assets:
Prepaid expenses 60,000
Total assets $ 992,000
Correct!
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 60,000
Interest payable 20,000
Unearned revenues 80,000
Taxes payable 30,000
Note payable 40,000
Current maturities of long-term debt 20,000
Total current liabilities 250,000
Long-term liabilities:
Notes payable 140,000
Shareholders' equity:
Common stock, no par value; 800,000 shares
authorized; 400,000 shares issued and outstanding $ 400,000
Retained earnings 202,000
Total shareholders' equity 602,000
Total liabilities and shareholders' equity $ 992,000
Correct!

Given Data P03-04:
WIESMULLER PUBLISHING COMPANY
Post-Closing Trial Balance
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
Unearned 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
Additional Information:
Prepaid 2 year lease paid on 12/31/2016 $ 120,000
Treasury bills purchased 11/30/2016 $ 30,000
Treasury bill maturity 1/30/2017
Investments intended for sale next year $ 110,000