The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Debits 67,000 132,000 71,000 211,000 9,000 112,000 431,000 Account Title Credits 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 $ 111,000 121,000 71,000 21,000 97,000 163,000 31,000 251,000 333,000 118,000 Common stock Retained earnings Totals $1,175,000 $1,175,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $41,000 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 $36,000 that the company has not used and is currently listed for sale. 3. The cash account includes $26,000 restricted in a fund to pay bonds payable that mature in 2024 and $34,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following:

The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Debits 67,000 132,000 71,000 211,000 9,000 112,000 431,000 Account Title Credits 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 $ 111,000 121,000 71,000 21,000 97,000 163,000 31,000 251,000 333,000 118,000 Common stock Retained earnings Totals $1,175,000 $1,175,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $41,000 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 $36,000 that the company has not used and is currently listed for sale. 3. The cash account includes $26,000 restricted in a fund to pay bonds payable that mature in 2024 and $34,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following:

Name: The following is a December 31, 2021, post-closing trial balance for
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Description: The following is a December 31, 2021, post-closing trial balance for Almway Corporation.Account TitleDebitsCredits$67,000132,00071,000211,000CashInvestment in equity securitiesAccounts receivableInventoryPrepaid insurance (for the next 9 months)9,00

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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