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How do you prepare a classified balance sheet for this? The following is a December 31,2024 , post-closing trial balance for Almway Corporation. 1. The
How do you prepare a classified balance sheet for this?
The following is a December 31,2024 , post-closing trial balance for Almway Corporation. 1. The investment in equity securities account includes an investment in common stock of another corporation of $40,000 which management intends to hold for at least three years. The balance of these investments is intei-d to be sold in the coming yeor 2. The land account includes land which cost $35,000 that the company has not used and is currently listed for sole. 3. The cash account includes $25.000 restricted in a fund to pay bonds payable that mature in 2027 and $33.000 restricted in o three-month Treasury bill. 4. The notes payable account consists of the following: a. a $40,000 note due in six months. b. a $60,000 note due in six years. c. a $60,000 note due in flve annual instaliments of $12,000 each, with the next instaliment due February 15,2025 5. The $70.000 balance in accounts receivable is net of an allowance for uncollectible accounts of $7.000 6. The common stock account represents 110,000 shares of no par value common stock Issued and outstanding. The corporation has 500,000 shares authorized Step by Step Solution
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