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Chapter 03 i Saved The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits Cash $ 67,000 Credits 2 points Investment in equity securities Accounts receivable 32,000 71, 000 Skipped Inventory 11, 000 Prepaid insurance (for the next 9 months) 9 , 000 Land 112, 000 Buildings 431, 000 Accumulated depreciation buildings 111, 000 Equipment 121, 000 Book Accumulated depreciation equipment 71, 000 Patent (net) Accounts payable 21, 000 97, 000 Notes payable 163, 000 Print Interest payable 31, 000 Bonds Payable 251, 000 Common stock 333, 000 Retained earnings 118, 000 Totals $1, 175, 000 $1, 175, 000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $41,000 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 $36,000 that the company has not used and is currently listed for sale. 3. The cash account includes $26,000 restricted in a fund to pay bonds payable that mature in 2024 and $34,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $41,000 note due in six months b. a $61,000 note due in six years. c. a $61,000 note due in five annual installments of $12,200 each, with the next installment due February 15, 2022 5. The $71,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000. 6. The common stock account represents 111,000 shares of no par value common stock issued and outstanding. The corporation has 600,000 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.) ALMWAY CORPORATION Balance Sheet At December 31, 2021 Assets Current assets Net accounts receivable Total current assets Investments: Total investments Property, plant, and equipment Type here to search O e W