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The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Additional Information: 1. The investment in equity securitles account includes an investment
The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Additional Information: 1. The investment in equity securitles 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. 2. The land account includes land which cost $25.000 that the company has nor used and is currently Ilsted for sale. 3. The cash account includes $15,000 restricted in a fund to pay bonds payable that mature in 2027 and $23,000 restricted in a three-month Treasury bill: 4. The notes payable account conslsts of the following: a. a $30,000 note due in six months c. a $50.000 note due in five annual installments of $10.000 each. with the next installment due February 15,2025 , b. a $50.000 note due in s ix years. 5. The $60,000 balance in accounts recelvable is net of an aliowance for uncollectlble accounts of $8,000. 6. The common steck account represents 100,000 shares of no par value common stock issued and outstanding. The corporation has 500,000 shares authorized. Required: Prepare a classtified bolance sheet for the Almway Corporation at December 31, 2024 Note: Amounts to be deducted should be indlcated by a minus sign. Note: Amounts to be deducted should be Indlcated by a minus sign. ALMWAY CORPORATION Balance Sheet At December 31, 2024 Assets Current assets
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