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The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Credits Debits $ 75,000 Cash 140,000 75,000 215,000 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 Connon stock Retained earnings Totals 7,eee 120,000 435,000 125,000 25,000 $ 115,000 75,000 105,000 175,000 35,000 255,000 345,000 112,000 $1,217,eee $1,217,000 Additional Information: 1. The Investment in equity securities account includes an Investment in common stock of another corporation of $45,000 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 $40,000 that the company has not used and is currently listed for sale. 3. The cash account includes $30,000 restricted in a fund to pay bonds payable that mature in 2024 and $38,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $45,000 note due in six months. b. a $65,000 note due in six years. c. a $65,000 note due in five annual Installments of $13,000 each, with the next Installment due February 15, 2022. 5. The $75,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000. 6. The common stock account represents 115,000 shares of no par value common stock issued and outstanding. The corporation has 400,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Credits Debits $ 75,000 Cash 140,000 75,000 215,000 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 Connon stock Retained earnings Totals 7,eee 120,000 435,000 125,000 25,000 $ 115,000 75,000 105,000 175,000 35,000 255,000 345,000 112,000 $1,217,eee $1,217,000 Additional Information: 1. The Investment in equity securities account includes an Investment in common stock of another corporation of $45,000 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 $40,000 that the company has not used and is currently listed for sale. 3. The cash account includes $30,000 restricted in a fund to pay bonds payable that mature in 2024 and $38,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $45,000 note due in six months. b. a $65,000 note due in six years. c. a $65,000 note due in five annual Installments of $13,000 each, with the next Installment due February 15, 2022. 5. The $75,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000. 6. The common stock account represents 115,000 shares of no par value common stock issued and outstanding. The corporation has 400,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
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Current assets: Net accounts receivable Total current assets Investments: Total investments Property, plant, and equipment: Net property, plant, and equipment Intangible assets: Total assets Current liabilities: Total current liabilities Long-term liabilities: ALMWAY CORPORATION Balance Sheet At December 31, 2021 Assets Total long-term liabilities Total liabilities Shareholders' equity: Liabilities and Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity
Transcribed Image Text:Current assets: Net accounts receivable Total current assets Investments: Total investments Property, plant, and equipment: Net property, plant, and equipment Intangible assets: Total assets Current liabilities: Total current liabilities Long-term liabilities: ALMWAY CORPORATION Balance Sheet At December 31, 2021 Assets Total long-term liabilities Total liabilities Shareholders' equity: Liabilities and Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Debits $ 75,000 140,000 75,000 215,880 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 Connon stock Retained earnings Totals 7,880 120,000 435,000 125,000 25,000 Credits $ 115,000 75,000 105,000 175,000 35,000 255,080 345,000 112,000 $1,217,000 $1,217,000 Additional information: 1. The Investment in equity securities account Includes an Investment in common stock of another corporation of $45,000 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 $40,000 that the company has not used and is currently listed for sale. 3. The cash account includes $30,000 restricted in a fund to pay bonds payable that mature in 2024 and $38,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $45,000 note due in six months. b. a $65,000 note due in six years. c. a $65,000 note due in five annual Installments of $13,000 each, with the next Installment due February 15, 2022. 5. The $75,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000. 6. The common stock account represents 115,000 shares of no par value common stock issued and outstanding. The corporation has 400,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
Transcribed Image Text:The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Debits $ 75,000 140,000 75,000 215,880 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 Connon stock Retained earnings Totals 7,880 120,000 435,000 125,000 25,000 Credits $ 115,000 75,000 105,000 175,000 35,000 255,080 345,000 112,000 $1,217,000 $1,217,000 Additional information: 1. The Investment in equity securities account Includes an Investment in common stock of another corporation of $45,000 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 $40,000 that the company has not used and is currently listed for sale. 3. The cash account includes $30,000 restricted in a fund to pay bonds payable that mature in 2024 and $38,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $45,000 note due in six months. b. a $65,000 note due in six years. c. a $65,000 note due in five annual Installments of $13,000 each, with the next Installment due February 15, 2022. 5. The $75,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000. 6. The common stock account represents 115,000 shares of no par value common stock issued and outstanding. The corporation has 400,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2021. (Amounts to be deducted should be indicated by a minus sign.)
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