1. The investment in equity securities account includes an investment in common stock of another corporation of $32,00 management intends to hold for at least three years. The balance of these investments is intended to be sold in the co 2. The land account includes land which cost $27,000 that the company has not used and is currently listed for sale. 3. The cash account includes $17,000 restricted in a fund to pay bonds payable that mature in 2027 and $25,000 restrict three-month Treasury bill 4. The notes payable account consists of the following: a. a $32,000 note due in six months. b. a $52,000 note due in six years. ca $52,000 note due in five annual installments of $10,400 each, with the next installment due February 15, 2025. 5. The $62,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $10,000 6. The common stock account represents 102.000 shares of no par value common stock issued and outstanding. The corp has 300,000 shares authorized
1. The investment in equity securities account includes an investment in common stock of another corporation of $32,00 management intends to hold for at least three years. The balance of these investments is intended to be sold in the co 2. The land account includes land which cost $27,000 that the company has not used and is currently listed for sale. 3. The cash account includes $17,000 restricted in a fund to pay bonds payable that mature in 2027 and $25,000 restrict three-month Treasury bill 4. The notes payable account consists of the following: a. a $32,000 note due in six months. b. a $52,000 note due in six years. ca $52,000 note due in five annual installments of $10,400 each, with the next installment due February 15, 2025. 5. The $62,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $10,000 6. The common stock account represents 102.000 shares of no par value common stock issued and outstanding. The corp has 300,000 shares authorized
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:dditional information:
1. The investment in equity securities account includes an investment in common stock of another corporation of $32,000 which
management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year.
2. The land account includes land which cost $27,000 that the company has not used and is currently listed for sale.
3. The cash account includes $17,000 restricted in a fund to pay bonds payable that mature in 2027 and $25,000 restricted in a
three-month Treasury bill
4. The notes payable account consists of the following:
a. a $32,000 note due in six months.
b. a $52,000 note due in six years.
c. a $52,000 note due in five annual installments of $10,400 each, with the next installment due February 15, 2025.
5. The $62,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $10,000.
6. The common stock account represents 102,000 shares of no par value common stock issued and outstanding. The corporation
has 300,000 shares authorized.
Required:
Prepare a classified balance sheet for the Almway Corporation at December 31, 2024.
Note: Amounts to be deducted should be indicated by a minus sign.

Transcribed Image Text:Account Title
Cash
Investment in equity securities
Accounts receivable.
Inventory
Prepaid insurance (for the next 9 months)
Land
Buildings
Accumulated depreciation-buildings
Equipment
Accumulated depreciation equipment
Patent (net)
Accounts payable
Notes payable
Interest payable
Bonds Payable
Common stock
Retained earnings
Totals
Debits
$ 49,000
114,000
62,000
202,000
5,000
94,000
422,000
112,000
12,000
Credits
$ 102,000
62,000
79,000
136,000
22,000
242,000
306,000
123,000
$ 1,072,000 $1,072,000
Additional information:
1. The investment in equity securities account includes an investment in common stock of another corporation of $32,000 which
management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year.
2. The land account includes land which cost $27,000 that the company has not used and is currently listed for sale.
3. The cash account includes $17,000 restricted in a fund to pay bonds payable that mature in 2027 and $25,000 restricted in a
three-month Treasury bill
4. The notes payable account consists of the following:
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