- The Following Is A December 31 2021 Post Closing Trial Balance For Almway Corporation Account Title Debits Cash Inves 1 (60.36 KiB) Viewed 9 times
- The Following Is A December 31 2021 Post Closing Trial Balance For Almway Corporation Account Title Debits Cash Inves 2 (53.93 KiB) Viewed 9 times
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits 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 $ 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 2024 and $32,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: ALMWAY CORPORATION Balance Sheet At December 31, 2021 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, 2022. 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, 2021. (Amounts to be deducted should be indicated by a minus sign.)
Current assets: Cash and cash equivalents ALMWAY CORPORATION Balance Sheet At December 31, 2021 Assets Investment in equity securities Accounts receivable Allowance for uncollectible accounts Net accounts receivable Inventory Prepaid insurance Total current assets Investments: Total investments Property, plant, and equipment: Total assets Current liabilities: Net property, plant, and equipment Intangible assets: Total current liabilities Long-term liabilities: Liabilities and Shareholders' Equity Total long-term liabilities Total liabilities mw Shareholders' equity: equity Total shareholders' equity Total liabilities and shareholders 0 $ $ 0 0 0 0 0 0 0 0 0