Hh1. 4. The notes payable account consists of the following:a. a $47,000 note due in six months.b. a $67,000 note due in six years.c. a $67,000 note due in five annual installments of $13,400 each, with the next installment due February 15, 2025.5. The $77,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $4,000.6. The common stock account represents 117,000 shares of no par value common stock issued and outstanding. Thecorporation has 500,000 shares authorized.Required:Prepare a classified balance sheet for the Almway Corporation at December 31, 2024.Note: Amounts to be deducted should be indicated by a minus sign.Current assetsNet accounts receivableALMWAY CORPORATIONBalance SheetAt December 31, 2024Assets The following is a December 31, 2024, post-closing trial balance for Almway Corporation.Account TitleCashInvestment in equity securitiesAccounts receivableInventoryPrepaid insurance (for the next 9 months)LandBuildingsAccumulated depreciation-buildingsEquipmentAccumulated depreciation-equipmentPatent (net)Accounts payableNotes payable.Interest payableBonds PayableCommon stockRetained earningsTotalsDebits$ 79,000144,00077,000217,0005,000124,000437,000127,00027,000$ 1,237,000Credits$ 117,00077,000109,000181,00037,000257,000351,000108,000$1,237,000Additional information:1. The investment in equity securities account includes an investment in common stock of another corporation of $47,000which management intends to hold for at least three years. The balance of these investments is intended to be sold inthe coming year.2. The land account includes land which cost $42,000 that the company has not used and is currently listed for sale.3. The cash account includes $32,000 restricted in a fund to pay bonds payable that mature in 2027 and $40,000restricted in a three-month Treasury bill.4. The notes payable account consists of the following:

Calculation of the Cash and Cash Equivalents=79000-32000-40000=7000Investment in Equity…

4. The notes payable account consists of the following: a. a $47,000 note due in six months. b. a $67,000 note due in six years. c. a $67,000 note due in five annual installments of $13,400 each, with the next installment due February 15, 2025. 5. The $77,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $4,000. 6. The common stock account represents 117,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 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.

4. The notes payable account consists of the following: a. a $47,000 note due in six months. b. a $67,000 note due in six years. c. a $67,000 note due in five annual installments of $13,400 each, with the next installment due February 15, 2025. 5. The $77,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $4,000. 6. The common stock account represents 117,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 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.

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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