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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.

FINANCIAL ACCOUNTING
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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I can't seem to get it to balance and I can't figure out what I'm doing wrong. 

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: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.
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
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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