Question
The following is a December 31, 2013, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash 63,000 Investments 128,000 Accounts receivable 69,000 Inventories
The following is a December 31, 2013, post-closing trial balance for Almway Corporation.
Account Title | Debits | Credits | ||||
Cash | 63,000 | |||||
Investments | 128,000 | |||||
Accounts receivable | 69,000 | |||||
Inventories | 209,000 | |||||
Prepaid insurance | 7,000 | |||||
Land | 108,000 | |||||
Buildings | 429,000 | |||||
Accumulated depreciationbuildings | 109,000 | |||||
Equipment | 119,000 | |||||
Accumulated depreciationequipment | 69,000 | |||||
Patents (net of amortization) | 19,000 | |||||
Accounts payable | 94,000 | |||||
Notes payable | 157,000 | |||||
Interest payable | 29,000 | |||||
Bonds payable | 249,000 | |||||
Common stock | 327,000 | |||||
Retained earnings | 117,000 | |||||
Totals | 1,097,000 | 1,097,000 | ||||
Additional information:
1. | The investment account includes an investment in common stock of another corporation of $39,000 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 $34,000 that the company has not used and is currently listed for sale. |
3. | The cash account includes $24,000 set aside in a fund to pay bonds payable that mature in 2016 and $32,000 set aside in a three-month Treasury bill. |
4. | The notes payable account consists of the following: |
a. | a $39,000 note due in six months. | |
b. | a $39,000 note due in six years. | |
c. | a $59,000 note due in 5 annual installments of $11,800 each, with the next installment due February 15, 2014. |
5. | The $69,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $5,000. |
6. | The common stock account represents 109,000 shares of no par value common stock issued and outstanding. The corporation has 300,000 shares authorized. |
Required: |
Prepare a classified balance sheet for the Almway Corporation at December 31, 2013. |
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