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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. Account Title Cash
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. 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 Debits $ 69,000 Credits 134,000 72,000 212,000 8,000 114,000 432,000 $112,000 122,000 72,000 22,000 99,000 166,000 32,000 252,000 336,000 116,000 $ 1,185,000 1,185,000 Additional information: 1. The investment in equity securities account includes an investment in common stock of another corporation of $42,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year.
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