Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

dditional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $42,000 w management intends to hold

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
dditional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $42,000 w management intends to hold for at least three years. The balance of these investments is intended to be sold in the comin 2. The land account includes land which cost $37,000 that the company has not used and is currently listed for sale. 3. The cash account includes $27,000 restricted in a fund to pay bonds payable that mature in 2027 and $35,000 restricted three-month Treasury bill. 4. The notes payable account consists of the following: a. a $42,000 note due in six months. b. a $62,000 note due in six years. c. a $62,000 note due in five annual installments of $12,400 each, with the next installment due February 15,2025. 5 . The $72,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000. 6. The common stock account represents 112,000 shares of no par value common stock issued and outstanding. The corporat has 600,000 shares authorized. Other assets: Total assets $141,000 Liabilities and Shareholders' Equity Current liabilities: \begin{tabular}{|l|l|l|} \hline Total investments & & \\ \hline & & \\ \hline \end{tabular} Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is a December 31,2024, post-closing trial balance for Almway Corporation. Additional information: 1. The investment in equity securities account includes an investment in common stock of another corpo management intends to hold for at least three years. The balance of these investments is intended to 2. The land account includes land which cost $37,000 that the company has not used and is currently lis 3. The cash account includes $27,000 restricted in a fund to pay bonds payable that mature in 2027 and three-month Treasury bill. 4. The notes payable account consists of the following: a. a $42,000 note due in six months. b. a $62,000 note due in six years. c. a $62,000 note due in five annual installments of $12,400 each, with the next installment due Febru 5. The $72,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,00 dditional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $42,000 w management intends to hold for at least three years. The balance of these investments is intended to be sold in the comin 2. The land account includes land which cost $37,000 that the company has not used and is currently listed for sale. 3. The cash account includes $27,000 restricted in a fund to pay bonds payable that mature in 2027 and $35,000 restricted three-month Treasury bill. 4. The notes payable account consists of the following: a. a $42,000 note due in six months. b. a $62,000 note due in six years. c. a $62,000 note due in five annual installments of $12,400 each, with the next installment due February 15,2025. 5 . The $72,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000. 6. The common stock account represents 112,000 shares of no par value common stock issued and outstanding. The corporat has 600,000 shares authorized. Other assets: Total assets $141,000 Liabilities and Shareholders' Equity Current liabilities: \begin{tabular}{|l|l|l|} \hline Total investments & & \\ \hline & & \\ \hline \end{tabular} Problem 3-3 (Algo) Balance sheet preparation [LO3-2, 3-3] The following is a December 31,2024, post-closing trial balance for Almway Corporation. Additional information: 1. The investment in equity securities account includes an investment in common stock of another corpo management intends to hold for at least three years. The balance of these investments is intended to 2. The land account includes land which cost $37,000 that the company has not used and is currently lis 3. The cash account includes $27,000 restricted in a fund to pay bonds payable that mature in 2027 and three-month Treasury bill. 4. The notes payable account consists of the following: a. a $42,000 note due in six months. b. a $62,000 note due in six years. c. a $62,000 note due in five annual installments of $12,400 each, with the next installment due Febru 5. The $72,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Costing

Authors: Lucey

7th Edition

1844809439, 978-1844809431

More Books

Students also viewed these Accounting questions

Question

What are the three general components of an RNA nucleotide?

Answered: 1 week ago

Question

Explain internal recruitment methods.

Answered: 1 week ago

Question

Summarize job analysis for team members.

Answered: 1 week ago

Question

Describe the recruitment process.

Answered: 1 week ago