The following is a December 31, 2024, post-closing trial balance for Almway Corporation.Account TitleCashInvestment in equity securitiesAccounts receivableInventoryPrepaid insurance (for the next 9 months)LandBuildingsAccumulated depreciation-buildingsEquipmentAccumulated depreciation-equipmentPatent (net)Accounts payableNotes payableInterest payableBonds PayableCommon stockRetained earningsTotalsDebits$ 47,000112,00061,000201,0008,00092,000421,000111,00011,000$ 1,064,000Credits$ 101,00061,00077,000133,00021,000241,000303,000127,000$1,064,000Additional information:1. The investment in equity securities account includes an investment in common stock of another corporation of $31,000 whichmanagement 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 $26,000 that the company has not used and is currently listed for sale.3. The cash account includes $16,000 restricted in a fund to pay bonds payable that mature in 2027 and $24,000 restricted in athree-month Treasury bill.4. The notes payable account consists of the following: a. a $31,000 note due in six months.b. a $51,000 note due in six years.c. a $51,000 note due in five annual installments of $10,200 each, with the next installment due February 15, 2025.5. The $61,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000.6. The common stock account represents 101,000 shares of no par value common stock issued and outstanding. The corporationhas 400,000 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 balance sheet is the statement that summarizes the financial situation of a corporation as of…

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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Acme Company Balance Sheet As of January 5, 2022 (amounts in thousands) Cash 9,700 Accounts Payable 1,500 Accounts Receivable 4,500 Debt 2,900 Inventory 3,800 Other Liabilities 800 Property Plant & Equipment 16,400 Total Liabilities 5,200 Other Assets 1,700 Paid-In Capital 7,300 Retained Earnings 23,600 Total Equity 30,900 Total Assets 36,100 Total Liabilities & Equity 36,100 Update the balance sheet above to reflect the transactions below, which occur on January 6, 2022 1. Sell product for $20,000 with historical cost of $16,000 What is the final amount in Retained Earnings?
The Statement of Financial Position of Oliver Ltd as at 30 June 2021 showed the following assets and liabilities. 2021 Assets 2$ Cash 3,000 Accounts receivables 85,000 Allowance for doubtful debts (4,000) Inventory 9,500 Prepaid insurance 3,600 Plant 60,000 Accumulated Depreciation - Plant (15,000) Deferred Tax Asset (at 30/06/2020: $1,270) ? Liabilities Accounts Payable 75,000 Provision for Long service leave 2,000 Revenue received in advance 3,000 Deferred Tax Liability (at 30/06/2020: $800) ? Additional information а. Accumulated depreciation of plant for tax purposes was $20,000 as at 30 June 2021. b. The tax rate is 30% Required Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 June 2021.
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Below is an incomplete Statement of Financial Position for a company at the end of 2020. ($’000) Current Assets Cash 6 Inventory 27 Prepayments 6 Non-Current Assets Property, Plant & Equipment 40 Accumulated Depreciation (4)…
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The following trial balance relates to Queenie as at 30 September 2019: RM'000RM'000 Revenue (note (i)) 312,890 Cost of sales 148,900 Distribution costs 42,125 Administrative expenses (note (ii))34,680 Loan note interest and dividend paid (notes (ii) and (iii)) 19,500 Investment income3200 Equity shares of 25 cents each 50,000 5% loan note (note (ii)) 30,000 Retained earnings at 1 October 20187,300 Plant and equipment at cost (note (iv)) 90,000 Accumulated depreciation at 1 October 2018: plant and equipment 32,400 Equity financial asset investments (note (v))40,000 Inventory at 30 September 201930,040 Trade receivables 42,900 Bank10,845 Current tax (note (vi)) 1,100 Deferred tax (note (vi)) 900 Trade payables23,400 460090460090 The following notes are relevant: (i) On 1 October 2018, Queenie sold one of its products for RM12 million (included in revenue in the trial balance). As part of the sale agreement, Queenie is committed to the ongoing servicing of this product until 30…
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Bramble Inc., had the following condensed balance sheet at the end of operations for 2019. BRAMBLE INC.BALANCE SHEETDECEMBER 31, 2019 Cash $8,500 Current liabilities $15,000 Current assets other than cash 29,100 Long-term notes payable 25,700 Equity invesments 19,900 Bonds payable 25,000 Plant assets (net) 66,800 Common stock 75,000 Land 39,700 Retained earnings 23,300 $164,000 $164,000 During 2020, the following occurred. 1. A tract of land was purchased for $9,100. 2. Bonds payable in the amount of $15,000 were redeemed at par. 3. An additional $9,900 in common stock was issued at par. 4. Dividends totaling $9,300 were paid to stockholders. 5. Net income was $30,500 after allowing depreciation of $13,700. 6. Land was purchased through the issuance of $22,400 in bonds. 7. Bramble Inc. sold part of its investment portfolio for $13,000. This transaction resulted in a gain…
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The following accounts appeared on the trail balance of Oriole Company at December 31, 2020. Notes Payable (short-term) $185,000 Accounts Receivable $560,000 Accumulated Depreciation - Bldg. 740,000 Prepaid Insurance 60,000 Supplies 35,000 Common Stock 1,025,000 Salaries and Wages Payable 29,000 Unappropriated Retained Earnings 310,000 Debt Investments (long-term) 280,000 Inventory 1,480,250 Cash 130,000 Land 410,000 Bonds Payable Due 1/1/2028 1,100,000 Trading Securities 79,000 Allowance for Doubtful Accts. 7,700 Interest Payable 5,500 Copyrights 185,000 Buildings 1,200,000 Notes Receivable (due in 6 months) 140,000 Accounts Payable 450,000 Income Taxes Payable 155,000 Additional Paid-in Capital 170,000 Preferred Stock 750,000 Appropriated Retained Earnings 290,000 Compute each of the following: 1. Total current assets $ 2. Total property, plant, and…
What is the final amount in retained earnings

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