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The following is a December 31, 2013, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash 47,000 Investments 112,000 Accounts receivable 61,000 Inventories

The following is a December 31, 2013, post-closing trial balance for Almway Corporation.

Account Title Debits Credits
Cash 47,000
Investments 112,000
Accounts receivable 61,000
Inventories 201,000
Prepaid insurance 8,000
Land 92,000
Buildings 421,000
Accumulated depreciationbuildings 101,000
Equipment 111,000
Accumulated depreciationequipment 61,000
Patents (net of amortization) 11,000
Accounts payable 77,000
Notes payable 133,000
Interest payable 21,000
Bonds payable 241,000
Common stock 303,000
Retained earnings 127,000
Totals 1,064,000 1,064,000

Additional information:

1.

The investment account includes an investment in common stock of another corporation of $31,000 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 $26,000 that the company has not used and is currently listed for sale.

3.

The cash account includes $16,000 set aside in a fund to pay bonds payable that mature in 2016 and $24,000 set aside in a three-month Treasury bill.

4. The notes payable account consists of the following:
a. a $31,000 note due in six months.
b. a $51,000 note due in six years.
c.

a $51,000 note due in 5 annual installments of $10,200 each, with the next installment due February 15, 2014.

5. The $61,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000.
6.

The common stock account represents 101,000 shares of no par value common stock issued and outstanding. The corporation has 400,000 shares authorized.

Required:

Prepare a classified balance sheet for the Almway Corporation at December 31, 2013.

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