roblem 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	Debits	Credits
Cash	$ 55,000
Investment in equity securities	120,000
Accounts receivable	65,000
Inventory	205,000
Prepaid insurance (for the next 9 months)	7,000
Land	100,000
Buildings	425,000
Accumulated depreciationbuildings		$ 105,000
Equipment	115,000
Accumulated depreciationequipment		65,000
Patent (net)	15,000
Accounts payable		85,000
Notes payable		145,000
Interest payable		25,000
Bonds Payable		245,000
Common stock		315,000
Retained earnings		122,000
Totals	$ 1,107,000	$ 1,107,000

1. The investment in equity securities account includes an investment in common stock of another corporation of $35,000 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 $30,000 that the company has not used and is currently listed for sale.

3 The cash account includes $20,000 restricted in a fund to pay bonds payable that mature in 2027 and $28,000 restricted in a three-month Treasury bill.

4 The notes payable account consists of the following:

a) $35,000 note due in six months.

b) $55,000 note due in six years.

c) $55,000 note due in five annual installments of $11,000 each, with the next installment due February 15, 2025.

5) The $65,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.

6) The common stock account represents 105,000 shares of no par value common stock issued and outstanding. The corporation has 600,000 shares authorized.

Prepare a classified balance sheet for the Almway Corporation at December 31, 2024.