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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:

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
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ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
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The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits Credits $ 67,000 132,000 71,000 211,000 Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) 9,000 Land 112,000 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable 431,000 $ 111,000 121,000 71,000 21,000 97,000 163,000 31,000 251,000 333,000 118,000 $1,175,000 $1,175,000 Common stock Retained earnings Totals 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: a. a $41,000 note due in six months. b. a $61.000 note due in six vears.
Transcribed Image Text:The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits Credits $ 67,000 132,000 71,000 211,000 Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) 9,000 Land 112,000 Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable 431,000 $ 111,000 121,000 71,000 21,000 97,000 163,000 31,000 251,000 333,000 118,000 $1,175,000 $1,175,000 Common stock Retained earnings Totals 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: a. a $41,000 note due in six months. b. a $61.000 note due in six vears.
three-month Treasury bill. 4. The notes payable account consists of the following: a. a $41,000 note due in six months. b. a $61,000 note due in six years. c. a $61,000 note due in five annual installments of $12,200 each, with the next installment due February 15, 2022. 5. The $71,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000. 6. The common stock account represents 111,000 shares of no par value common stock issued and outstanding. The corporation has 600,000 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.) ALMWAY CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Cash and cash equivalents Investment in equity securities Accounts receivable Allowance for uncollectible accounts Net accounts receivable Inventory Prepaid insurance
Transcribed Image Text:three-month Treasury bill. 4. The notes payable account consists of the following: a. a $41,000 note due in six months. b. a $61,000 note due in six years. c. a $61,000 note due in five annual installments of $12,200 each, with the next installment due February 15, 2022. 5. The $71,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000. 6. The common stock account represents 111,000 shares of no par value common stock issued and outstanding. The corporation has 600,000 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.) ALMWAY CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Cash and cash equivalents Investment in equity securities Accounts receivable Allowance for uncollectible accounts Net accounts receivable Inventory Prepaid insurance
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