The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Credits Debits 45

[answerhappygod]

The Following Is A December 31 2021 Post Closing Trial Balance For Almway Corporation Account Title Credits Debits 45 1 (255.19 KiB) Viewed 88 times

The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Credits Debits 45,000 Cash $ Investment in equity securities 110,000 Accounts receivable 60,000 Inventory 200,000 9,000 Prepaid insurance (for the next 9 months) Land 90,000 Buildings 420,000 Accumulated depreciation-buildings $ 100,000 Equipment 110,000 Accumulated depreciation-equipment 60,000 Patent (net) 10,000 75,000 Accounts payable Notes payable 130,000 Interest payable 20,000 Bonds Payable 240,000 Common stock 300,000 Retained earnings 129,000 Totals $1,054,000 $1,054,000
Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $30,000 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 $25,000 that the company has not used and is currently listed for sale. 3. The cash account includes $15,000 restricted in a fund to pay bonds payable that mature in 2024 and $23,000 restricted in a three- month Treasury bill. 4. The notes payable account consists of the following: a. a $30,000 note due in six months. b. a $50,000 note due in six years. c. a $50,000 note due in five annual installments of $10,000 each, with the next installment due February 15, 2022. 5. The $60,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000. 6. The common stock account represents 100,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 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.)
Current assets: Net accounts receivable Total current assets Investments: Total investments Property, plant, and equipment: Assets 0 0 0 0
Net property, plant, and equipment Intangible assets: Total assets $ 0 0
Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Liabilities and Shareholders' Equity Total shareholders' equity Total liabilities and shareholders' equity 0 0 0 0 0