BUS 5433-Managerial Accounting Homework 1-Spring 2019 Problem The following is a December 31, 2018, post-closing trial balance for Account Title Georgetown, Inc. Debits Credits 45,000 110,00 Cash Accounts receivable Inventories Prepaid insurance for the next 9 months) Land Buildings 60,000 200,00 9,000 90,000 420,00 100,00 Accumulated depreciation-buildings 110,00 Equipment Accumulated depreciation-equipment Patents (net of amortization) Accounts payable Notes payable Interest payable Bonds Payable 60,000 10,000 75,000 130,00 20,000 240,00 300,00 129,00 Common stock Retained earnings 1,054 $ 000 1,054. 000 Totals $ Additional information: The investment 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 1. 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 2021 and $23,000 restricted in a three-month Treasury bill. The notes payable account consists of the following: a. b. 4. a $30,000 note due in six months. 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, 2019. The $60,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000 The common stock account represents 100,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized 5. 6. Required: Prepare a classified balance sheet for Georgetown as of December 31, 2018