The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Credits Debits $ 75,000 Cash 140,000 75,000 215,000 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 Connon stock Retained earnings Totals 7,eee 120,000 435,000 125,000 25,000 $ 115,000 75,000 105,000 175,000 35,000 255,000 345,000 112,000 $1,217,eee $1,217,000 Additional Information: 1. The Investment in equity securities account includes an Investment in common stock of another corporation of $45,000 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 $40,000 that the company has not used and is currently listed for sale. 3. The cash account includes $30,000 restricted in a fund to pay bonds payable that mature in 2024 and $38,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $45,000 note due in six months. b. a $65,000 note due in six years. c. a $65,000 note due in five annual Installments of $13,000 each, with the next Installment due February 15, 2022. 5. The $75,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000. 6. The common stock account represents 115,000 shares of no par value common stock issued and outstanding. The corporation has 400,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Credits Debits $ 75,000 Cash 140,000 75,000 215,000 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 Connon stock Retained earnings Totals 7,eee 120,000 435,000 125,000 25,000 $ 115,000 75,000 105,000 175,000 35,000 255,000 345,000 112,000 $1,217,eee $1,217,000 Additional Information: 1. The Investment in equity securities account includes an Investment in common stock of another corporation of $45,000 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 $40,000 that the company has not used and is currently listed for sale. 3. The cash account includes $30,000 restricted in a fund to pay bonds payable that mature in 2024 and $38,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $45,000 note due in six months. b. a $65,000 note due in six years. c. a $65,000 note due in five annual Installments of $13,000 each, with the next Installment due February 15, 2022. 5. The $75,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000. 6. The common stock account represents 115,000 shares of no par value common stock issued and outstanding. The corporation has 400,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current assets:
Net accounts receivable
Total current assets
Investments:
Total investments
Property, plant, and equipment:
Net property, plant, and equipment
Intangible assets:
Total assets
Current liabilities:
Total current liabilities
Long-term liabilities:
ALMWAY CORPORATION
Balance Sheet
At December 31, 2021
Assets
Total long-term liabilities
Total liabilities
Shareholders' equity:
Liabilities and Shareholders' Equity
Total shareholders' equity
Total liabilities and shareholders' equity
Transcribed Image Text:The following is a December 31, 2021, post-closing trial balance for Almway Corporation.
Debits
$ 75,000
140,000
75,000
215,880
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
Connon stock
Retained earnings
Totals
7,880
120,000
435,000
125,000
25,000
Credits
$ 115,000
75,000
105,000
175,000
35,000
255,080
345,000
112,000
$1,217,000 $1,217,000
Additional information:
1. The Investment in equity securities account Includes an Investment in common stock of another corporation of $45,000 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 $40,000 that the company has not used and is currently listed for sale.
3. The cash account includes $30,000 restricted in a fund to pay bonds payable that mature in 2024 and $38,000 restricted in a
three-month Treasury bill.
4. The notes payable account consists of the following:
a. a $45,000 note due in six months.
b. a $65,000 note due in six years.
c. a $65,000 note due in five annual Installments of $13,000 each, with the next Installment due February 15, 2022.
5. The $75,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000.
6. The common stock account represents 115,000 shares of no par value common stock issued and outstanding. The corporation has
400,000 shares authorized.
Required:
Prepare a classified balance sheet for the Almway Corporation at December 31, 2021. (Amounts to be deducted should be indicated
by a minus sign.)
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