The following is a December 31, 2024, post-closing trial balance for Almway Corporation.Account TitleDebitsCreditsCash$ 67,000 Investment in equity securities132,000 Accounts receivable71,000 Inventory211,000 Prepaid insurance (for the next 9 months)9,000 Land112,000 Buildings431,000 Accumulated depreciation—buildings $ 111,000Equipment121,000 Accumulated depreciation—equipment 71,000Patent (net)21,000 Accounts payable 97,000Notes payable 163,000Interest payable 31,000Bonds Payable 251,000Common stock 333,000Retained earnings 118,000Totals$ 1,175,000$ 1,175,000Additional information: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.The land account includes land which cost $36,000 that the company has not used and is currently listed for sale.The cash account includes $26,000 restricted in a fund to pay bonds payable that mature in 2027 and $34,000 restricted in a three-month Treasury bill.The notes payable account consists of the following:a $41,000 note due in six months.a $61,000 note due in six years.a $61,000 note due in five annual installments of $12,200 each, with the next installment due February 15, 2025.The $71,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.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, 2024.Note: Amounts to be deducted should be indicated by a minus sign.

Name: The following is a December 31, 2024, post-closing trial balance for A
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Description: The following is a December 31, 2024, post-closing trial balance for Almway Corporation.Account TitleDebitsCreditsCash$ 67,000 Investment in equity securities132,000 Accounts receivable71,000 Inventory211,000 Prepaid insurance (for the next 9 months)

Classified balance sheet is a financial statement that subcategories the assets, liabilities and…

Answered: The following is a December 31, 2024,…

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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The following is a December 31, 2024, post-closing trial balance for Almway Corporation.

Account Title	Debits	Credits
Cash	$ 67,000
Investment in equity securities	132,000
Accounts receivable	71,000
Inventory	211,000
Prepaid insurance (for the next 9 months)	9,000
Land	112,000
Buildings	431,000
Accumulated depreciation—buildings		$ 111,000
Equipment	121,000
Accumulated depreciation—equipment		71,000
Patent (net)	21,000
Accounts payable		97,000
Notes payable		163,000
Interest payable		31,000
Bonds Payable		251,000
Common stock		333,000
Retained earnings		118,000
Totals	$ 1,175,000	$ 1,175,000

Additional information:

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.
The land account includes land which cost $36,000 that the company has not used and is currently listed for sale.
The cash account includes $26,000 restricted in a fund to pay bonds payable that mature in 2027 and $34,000 restricted in a three-month Treasury bill.
The notes payable account consists of the following:

a $41,000 note due in six months.
a $61,000 note due in six years.
a $61,000 note due in five annual installments of $12,200 each, with the next installment due February 15, 2025.

The $71,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.
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, 2024.

Note: Amounts to be deducted should be indicated by a minus sign.

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