The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 77,000 Investment in equity securities 142,000 Accounts receivable 76,000 Inventory 216,000 Prepaid insurance (for the next 9 months) 6,000 Land 122,000 Buildings 436,000 Accumulated depreciation—buildings $ 116,000 Equipment 126,000 Accumulated depreciation—equipment 76,000 Patent (net) 26,000 Accounts payable 107,000 Notes payable 178,000 Interest payable 36,000 Bonds Payable 256,000 Common stock 348,000 Retained earnings 110,000 Totals $ 1,227,000 $ 1,227,000 Additional information: The investment in equity securities account includes an investment in common stock of another corporation of $46,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. The land account includes land which cost $41,000 that the company has not used and is currently listed for sale. The cash account includes $31,000 restricted in a fund to pay bonds payable that mature in 2024 and $39,000 restricted in a three-month Treasury bill. The notes payable account consists of the following: a $46,000 note due in six months. a $66,000 note due in six years. a $66,000 note due in five annual installments of $13,200 each, with the next installment due February 15, 2022. The $76,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000. The common stock account represents 116,000 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, 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 Debits Credits Cash $ 77,000 Investment in equity securities 142,000 Accounts receivable 76,000 Inventory 216,000 Prepaid insurance (for the next 9 months) 6,000 Land 122,000 Buildings 436,000 Accumulated depreciation—buildings $ 116,000 Equipment 126,000 Accumulated depreciation—equipment 76,000 Patent (net) 26,000 Accounts payable 107,000 Notes payable 178,000 Interest payable 36,000 Bonds Payable 256,000 Common stock 348,000 Retained earnings 110,000 Totals $ 1,227,000 $ 1,227,000 Additional information: The investment in equity securities account includes an investment in common stock of another corporation of $46,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. The land account includes land which cost $41,000 that the company has not used and is currently listed for sale. The cash account includes $31,000 restricted in a fund to pay bonds payable that mature in 2024 and $39,000 restricted in a three-month Treasury bill. The notes payable account consists of the following: a $46,000 note due in six months. a $66,000 note due in six years. a $66,000 note due in five annual installments of $13,200 each, with the next installment due February 15, 2022. The $76,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000. The common stock account represents 116,000 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, 2021. (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

See similar textbooks

Related questions

Question

100%

The following is a December 31, 2021, post-closing trial balance for Almway Corporation.

Account Title	Debits		Credits
Cash		$	77,000
Investment in equity securities			142,000
Accounts receivable			76,000
Inventory			216,000
Prepaid insurance (for the next 9 months)			6,000
Land			122,000
Buildings			436,000
Accumulated depreciation—buildings				$	116,000
Equipment			126,000
Accumulated depreciation—equipment					76,000
Patent (net)			26,000
Accounts payable					107,000
Notes payable					178,000
Interest payable					36,000
Bonds Payable					256,000
Common stock					348,000
Retained earnings					110,000
Totals		$	1,227,000	$	1,227,000

Additional information:

The investment in equity securities account includes an investment in common stock of another corporation of $46,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year.
The land account includes land which cost $41,000 that the company has not used and is currently listed for sale.
The cash account includes $31,000 restricted in a fund to pay bonds payable that mature in 2024 and $39,000 restricted in a three-month Treasury bill.
The notes payable account consists of the following:

a $46,000 note due in six months.
a $66,000 note due in six years.
a $66,000 note due in five annual installments of $13,200 each, with the next installment due February 15, 2022.

The $76,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000.
The common stock account represents 116,000 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, 2021. (Amounts to be deducted should be indicated by a minus sign.)

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 5 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.