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The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 63,000 Investment in equity securities 128,000
The following is a December 31, 2024, post-closing trial balance for Almway Corporation.
Account Title | Debits | Credits |
---|---|---|
Cash | $ 63,000 | |
Investment in equity securities | 128,000 | |
Accounts receivable | 69,000 | |
Inventory | 209,000 | |
Prepaid insurance (for the next 9 months) | 7,000 | |
Land | 108,000 | |
Buildings | 429,000 | |
Accumulated depreciationbuildings | $ 109,000 | |
Equipment | 119,000 | |
Accumulated depreciationequipment | 69,000 | |
Patent (net) | 19,000 | |
Accounts payable | 94,000 | |
Notes payable | 157,000 | |
Interest payable | 29,000 | |
Bonds Payable | 249,000 | |
Common stock | 327,000 | |
Retained earnings | 117,000 | |
Totals | $ 1,151,000 | $ 1,151,000 |
Additional information:
- The investment in equity securities account includes an investment in common stock of another corporation of $39,000 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 $34,000 that the company has not used and is currently listed for sale.
- The cash account includes $24,000 restricted in a fund to pay bonds payable that mature in 2027 and $32,000 restricted in a three-month Treasury bill.
- The notes payable account consists of the following:
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