Question
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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