The following is a December 31, 2018, post-closing trial balance for Almway Corporation Account Title Investments counts receivable Inventories Prepaid insurance for the next 9 months) Land Buildings Rocumulated depreciation-buildings Equipment Accumulated depreciation equipment Patents (met of amortization) Accounts payable Notes payable Interest payable Bonds Payable Common stock Stained earnings Totals Debits Credits $ 51,000 116,000 63,000 203,000 9,000 96,000 423,000 $ 103,000 113,000 63.000 13.000 81,000 139,000 23,000 243,000 309,000 126,000 $1,087,000 $1,087,000 Additional information: 1. The investment account includes an investment in common stock of another corporation of $33,000 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 $28,000 that the company has not used and is currently listed for sale 3. The cash account includes $18,000 restricted in a fund to pay bonds payable that whture in 2021 and $26,000 set aside in a three- morth Treasury bill 4. The notes payable account consists of the following: 2. a $33.000 note due in six months b. a 553.000 note due in six years. ca 553.000 note due in five annual installments of $10,600 each with the next installment due February 15, 2019 5. The $63.000 balance in accounts receivable is net of an allowance for uncollectible accounts of $7000 6. The common stock account represents 103,000 shares of no par value common stock issued and outstanding. The corporation has 500.000 shares authorized 1 2 3 $ 4 5 6 7 8 9 0 W E R T Y U 0 S D F G H. L 2. The land account includes land which cost $28,000 that the company has not used and is currently listed for sale. 3. The cash account includes $18,000 restricted in a fund to pay bonds payable that mature in 2021 and $26,000 set aside in a three- month Treasury bill. 4. The notes payable account consists of the following: a. a $33,000 note due in six months b. a $53,000 note due in six years. c. a $53,000 note due in five annual Installments of $10,600 each, with the next installment due February 15, 2019 5. The $63,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $7,000. 6. The common stock account represents 103,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized Required: Prepare a classified balance sheet for the Amway Corporation at December 31, 2018. (Amounts to be deducted should be indicated by a minus sign) ALMWAY CORPORATION Talance Sheet AL December 31, 2018 A $ 30.000 Cash and cash Short-term westments Accounts receivabinet of allowance Prepaid Land 63.000 203.000 9.000 28.000 419.000 Investments More Landbou 3 * 5 6 7 w E R T Y C 1 A S D F G H J K L Z C > V
