50000 installments amounts beginning 2152017 10000

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$50,000Installments amounts beginning 2/15/2017$10,000Accounts Receivable balance (net)$60,000Allowance for uncollectible accounts$8,000Shares of no par common stock100,000Shares of common stock authorized500,000
Student Name:InstructorClass:McGraw-Hill/IrwinProblem 03-04WIESMULLER PUBLISHING COMPANYBalance SheetAt December 31, 2016AssetsCurrent assets:Cash and cash equivalents$95,000Short-term investments110,000Accounts receivable, net of allowance foruncollectible accounts of $16,000144,000Inventories285,000Prepaid expenses88,000Total current assets722,000Property, plant, and equipment:Machinery and equipment$320,000Less: Accumulated depreciation(110,000)Net property, plant, and equipment210,000Other assets:Prepaid expenses60,000Total assets$992,000Correct!Liabilities and Shareholders' EquityCurrent liabilities:Accounts payable$60,000Interest payable20,000Unearned revenues80,000Taxes payable30,000Note payable40,000Current maturities of long-term debt20,000Total current liabilities250,000Long-term liabilities:Notes payable140,000Shareholders' equity:Common stock, no par value; 800,000 sharesauthorized; 400,000 shares issued and outstanding$400,000Retained earnings202,000Total shareholders' equity602,000Total liabilities and shareholders' equity$992,000Correct!
Given Data P03-04:WIESMULLER PUBLISHING COMPANYPost-Closing Trial BalanceDecember 31, 2016Account TitleDebitsCreditsCash65,000Accounts receivable160,000Inventories285,000Prepaid expenses148,000Machinery and equipment320,000Accumulated depreciation - equipment110,000Investments140,000Accounts payable60,000Interest payable20,000Unearned revenue80,000Taxes payable30,000Notes payable200,000Allowance for uncollectible accounts16,000Common stock400,000Retained earnings202,000Totals1,118,0001,118,000Additional Information:Prepaid 2 year lease paid on 12/31/2016$120,000Treasury bills purchased 11/30/2016$30,000Treasury bill maturity1/30/2017Investments intended for sale next year$110,000

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Term
Fall
Professor
STAFF
Tags
Financial Accounting, Balance Sheet, Generally Accepted Accounting Principles

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