Question
The following is a December 31, 2018, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 45,000 Investments 110,000 Accounts receivable 60,000
The following is a December 31, 2018, post-closing trial balance for Almway Corporation.
| Account Title | Debits | Credits | ||||
| Cash | $ | 45,000 | ||||
| Investments | 110,000 | |||||
| Accounts receivable | 60,000 | |||||
| Inventories | 200,000 | |||||
| Prepaid insurance (for the next 9 months) | 9,000 | |||||
| Land | 90,000 | |||||
| Buildings | 420,000 | |||||
| Accumulated depreciationbuildings | $ | 100,000 | ||||
| Equipment | 110,000 | |||||
| Accumulated depreciationequipment | 60,000 | |||||
| Patents (net of amortization) | 10,000 | |||||
| Accounts payable | 75,000 | |||||
| Notes payable | 130,000 | |||||
| Interest payable | 20,000 | |||||
| Bonds Payable | 240,000 | |||||
| Common stock | 300,000 | |||||
| Retained earnings | 129,000 | |||||
| Totals | $ | 1,054,000 | $ | 1,054,000 | ||
Additional information:
The investment account includes an investment in common stock of another corporation of $30,000 which management intends to hold for at least three years. The balance of these investments is intended to be sold in the coming year.
The land account includes land which cost $25,000 that the company has not used and is currently listed for sale.
The cash account includes $15,000 restricted in a fund to pay bonds payable that mature in 2021 and $23,000 restricted in a three-month Treasury bill.
The notes payable account consists of the following:
a $30,000 note due in six months.
a $50,000 note due in six years.
a $50,000 note due in five annual installments of $10,000 each, with the next installment due February 15, 2019.
The $60,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000.
The common stock account represents 100,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized.
Prepare a classified balance sheet for the Almway Corporation at December 31, 2018
=> Liabilities and Shareholders'
EquityCurrent liabilitiesAccounts payable$75,000
Interest payable20,000
Notes payable30,000
Current maturities of long-term debt10,000
Total current liabilities135,000
Long-term liabilitiesNotes payable$90,000
Bonds payable240,000
Total long-term liabilities330,000
??????? what is the name of 465,000
Shareholders' equity
Common stock300,000
Retained earnings129,000
Total shareholders' equity429,000
total liabilities and shareholders' equity$894,000
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