The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Debits $ 63,000 128,000 69,000 209,000 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 7,000 108,000 429,000 119,000 19,000 Credits $ 109,000 69,000 94,000 157,000 29,000 249,000 327,000 117,000 $ 1,151,000 $1,151,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $39,000 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 $34,000 that the company has not used and is currently listed for sale. 3. The cash account includes $24,000 restricted in a fund to pay bonds payable that mature in 2027 and $32,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $39,000 note due in six months. b. a $59,000 note due in six years. c. a $59,000 note due in five annual installments of $11,800 each, with the next installment due February 15, 2025. 5. The $69,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000. 6. The common stock account represents 109,000 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, 2024. Note: Amounts to be deducted should be indicated by a minus sign.
The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Debits $ 63,000 128,000 69,000 209,000 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 7,000 108,000 429,000 119,000 19,000 Credits $ 109,000 69,000 94,000 157,000 29,000 249,000 327,000 117,000 $ 1,151,000 $1,151,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $39,000 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 $34,000 that the company has not used and is currently listed for sale. 3. The cash account includes $24,000 restricted in a fund to pay bonds payable that mature in 2027 and $32,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $39,000 note due in six months. b. a $59,000 note due in six years. c. a $59,000 note due in five annual installments of $11,800 each, with the next installment due February 15, 2025. 5. The $69,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000. 6. The common stock account represents 109,000 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, 2024. Note: Amounts to be deducted should be indicated by a minus sign.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
I can't seem to get it to balance and I can't figure out what I'm doing wrong.
Transcribed Image Text: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
Debits
$ 63,000
128,000
69,000
209,000
7,000
108,000
429,000
119,000
19,000
Credits
$ 109,000
69,000
94,000
157,000
29,000
249,000
327,000
117,000
$ 1,151,000 $ 1,151,000
Additional information:
1. The investment in equity securities account includes an investment in common stock of another corporation of $39,000 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 $34,000 that the company has not used and is currently listed for sale.
3. The cash account includes $24,000 restricted in a fund to pay bonds payable that mature in 2027 and $32,000 restricted in a
three-month Treasury bill.
4. The notes payable account consists of the following:
a. a $39,000 note due in six months.
b. a $59,000 note due in six years.
c. a $59,000 note due in five annual installments of $11,800 each, with the next installment due February 15, 2025.
5. The $69,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $6,000.
6. The common stock account represents 109,000 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, 2024.
Note: Amounts to be deducted should be indicated by a minus sign.
Transcribed Image Text:Current assets:
Cash
Investment in equity securities
Accounts receivable
Allowance for uncollectible accounts
Net accounts receivable
Inventory
Prepaid insurance
Total current assets
Investments:
Investment in equity securities
Land held for sale
Investment in equity securities
Total investments
Property, plant, and equipment:
Land
Buildings
Equipment
Less: Accumulated depreciation - buildings
Less: Accumulated depreciation - equipment
Net property, plant, and equipment
Intangible assets:
Patent (net)
Other assets:
Total assets
Assets
77,000
(6,000)
39,000
34,000
24,000
74,000
429,000
119,000
0
622,000
(109,000)
(69,000)
$
39,000
89,000
71,000
209,000
7,000
415,000
97,000
444,000
19,000
$ 975,000
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