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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:
- 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.
- The land account includes land which cost $26,000 that the company has not used and is currently listed for sale.
- 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.
- The notes payable account consists of the following:
- a $31,000 note due in six months.
- a $51,000 note due in six years.
- a $51,000 note due in five annual installments of $10,200 each, with the next installment due February 15, 2022.
- The $61,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000.
- 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.)
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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