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Need help completing this balance sheet with the info provided. Thank you! following is a December 31, 2016, post-closing trial balance for Almway Corporation. Account
Need help completing this balance sheet with the info provided. Thank you!
following is a December 31, 2016, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash 79.000 144,000 Investments Accounts receivable 77.000 Inventories 217.000 Prepaid insurance 5.000 Land 124,000 Buildings 437.000 Accumulated depreciation-buildings 117,000 127,000 Equipment Accumulated depreciation-equipment 77,000 27,000 Patents (net of amortization) Accounts payable 109.000 Notes payable 181,000 Interest payable 37,000 257,000 Bonds Payable Common stock 351,000 Retained earnings 108,000 Totals 1,237,000 1,237,000 Additional information: The investment account includes an investment in common stock of another corporation of S47,000 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 $42,000 that the company has not used and is currently listed for sale 3. The cash account includes $32,000 restricted in a fund to pay bonds payable that mature in 2019 and $40,000 set aside in a three-month Treasury bill 4. The notes payable account consists of the following: a. a $47,000 note due in six months b. a $67,000 note due in six years c. a $67,000 note due in five annual installments of $13,400 each, with the next installment due February 15, 2017 5. The $77,000 balance in accounts receivable is net of an allowance for uncollectible accounts of$4,000 6. The common stock account represents 117,000 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, 2016. (Amounts t deducted should be indicated by a minus sign.)Step by Step Solution
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