The following is a December 31, 2024, post-closing trial balance for Almway Corporation. 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 Common stock Retained earnings Totals Additional information: Debits $ 81,000 Credits 146,000 78,000 218,000 7,000 126,000 438,000 $ 118,000 128,000 78,000 28,000 111,000 184,000 38,000 258,000 354,000 109,000 $ $ 1,250,000 1,250,000 1. The investment in equity securities account includes an investment in common stock of another corporation of $48,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. Additional information: The investment in equity securities account includes an investment in common stock of another corporation of $48,000 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 $43,000 that the company has not used and is currently listed for sale. 3. The cash account includes $33,000 restricted in a fund to pay bonds payable that mature in 2027 and $41,000 restricted in a three-month Treasury bill. 4 The notes pavable account consists of the following a. a $48.000 note due in six months b. a $68,000 note due in six years. c. a $68,000 note due in five annual installments of $13,600 each, with the next installment due February 15, 2025. 5. The $/8.000 balance in accounts receivable is net of an allowance for uncollectible accounts of $7.000 The common stock account represents 118.000 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, 2024.

The following is a December 31, 2024, post-closing trial balance for Almway Corporation. 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 Common stock Retained earnings Totals Additional information: Debits $ 81,000 Credits 146,000 78,000 218,000 7,000 126,000 438,000 $ 118,000 128,000 78,000 28,000 111,000 184,000 38,000 258,000 354,000 109,000 $ $ 1,250,000 1,250,000 1. The investment in equity securities account includes an investment in common stock of another corporation of $48,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year. Additional information: The investment in equity securities account includes an investment in common stock of another corporation of $48,000 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 $43,000 that the company has not used and is currently listed for sale. 3. The cash account includes $33,000 restricted in a fund to pay bonds payable that mature in 2027 and $41,000 restricted in a three-month Treasury bill. 4 The notes pavable account consists of the following a. a $48.000 note due in six months b. a $68,000 note due in six years. c. a $68,000 note due in five annual installments of $13,600 each, with the next installment due February 15, 2025. 5. The $/8.000 balance in accounts receivable is net of an allowance for uncollectible accounts of $7.000 The common stock account represents 118.000 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, 2024.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 6E: Balance Sheet Baggett Companys balance sheet accounts and amounts as of December 31, 2019, are shown...

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