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Needing to fill out the balance sheet with given info. Thanks in advance! Explanation is helpful if you can provide The following is a December
Needing to fill out the balance sheet with given info. Thanks in advance! Explanation is helpful if you can provide
The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Credits $ Debits 71,000 136,000 73,000 213,000 6,000 116,000 433.000 113,000 Account Title 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 123,000 73,000 23,000 101,000 169,000 33,000 253,000 339,000 113,000 $1,194,000 $1,194,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $43.000 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 $38.000 that the company has not used and is currently listed for sale. 3. The cash account includes $28.000 restricted in a fund to pay bonds payable that mature in 2024 and $36.000 restricted in a three-month Treasury bill 4. The notes payable account consists of the following: a. a $43,000 note due in six months. b. a $63.000 note due in six years. c. a $63.000 note due in five annual installments of $12,600 each, with the next installment due February 15, 2022 5. The $73,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $7,000. 6. The common stock account represents 113,000 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, 2021. (Amounts to be deducted should be indicated by a minus sign.) Answer is not complete. ALMWAY CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Cash and cash equivalents $ 71.000 Accounts receivable Net accounts receivable Inventory 73.000 213.000 Assets Current assets Cash and cash equivalents $ 71,000 X Accounts receivable 73,000 X Net accounts receivable Inventory Prepaid insurance 73,000 213,000 6,000 363.000 Total current assets Investments Short-term investments 136.000 136 000 Total investments Property, plant and equipment Land Buildings Equipment 116,000 433.000 123.000 672 000 113.000 3 73.000 Less Accumulated depreciation buildings Less Accumulated depreciation equipment Net property, plant and equipment Intangible assets Patent (net) 858.000 23.000 Total assets $ 1380.000 Liabilities and Shareholders' EquityStep by Step Solution
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