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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: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.
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:
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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