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The following is a December 31, 2021, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 47,000 Investment in equity securities 112,000

The following is a December 31, 2021, post-closing trial balance for Almway Corporation.

Account Title Debits Credits
Cash $ 47,000
Investment in equity securities 112,000
Accounts receivable 61,000
Inventory 201,000
Prepaid insurance (for the next 9 months) 8,000
Land 92,000
Buildings 421,000
Accumulated depreciationbuildings $ 101,000
Equipment 111,000
Accumulated depreciationequipment 61,000
Patent (net) 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 in equity securities 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 restricted in a fund to pay bonds payable that mature in 2024 and $24,000 restricted in a three-month Treasury bill.
  4. The notes payable account consists of the following:
  1. a $31,000 note due in six months.
  2. a $51,000 note due in six years.
  3. a $51,000 note due in five annual installments of $10,200 each, with the next installment due February 15, 2022.
  1. The $61,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000.
  2. 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, 2021. (Amounts to be deducted should be indicated by a minus sign.)

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ALMWAY CORPORATION Balance Sheet At December 31, 2021 Assets Current assets: Net accounts receivable Total current assets Investments: Total investments Property, plant, and equipment: Net property, plant, and equipment Intangible assets Total assets Liabilities and Shareholders' Equity Current liabilities: Total current liabilities Long-term liabilities: Total long-term liabilities Total liabilities Shareholders' equity: Total shareholders' equity Total liabilities and shareholders' equity

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