Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Additional information: 1. The investment in equity securities account includes an investment

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Additional information: 1. The investment in equity securities account includes an investment in common stock of another corpor management intends to hold for at least three years. The balance of these investments is intended to b 2. The land account includes land which cost $26,000 that the company has not used and is currently list 3. The cash account includes $16,000 restricted in a fund to pay bonds payable that mature in 2027 and three-month Treasury bili. 4. The notes payable account consists of the following a. a $31,000 note due in six months. b, a $51,000 note due in six years. c a $51,000 note due in five annual installments of $10,200 each, with the next installment due Februa 5. The $61,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000 6. The common stock account represents 101.000 shares of no par value common stock issued and outsta has 400,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign. 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 2027 and $24,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $31,000 note due in six months b. a $51,000 note due in six years c. a \$51,000 note due in five annual instaliments of $10.200 each, with the next instaliment due February 15,2025. 5. The $61,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000. 6. 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 classfied balance sheet for the Almway Corporation at December 31, 2024 Note: Amounts to be deducted should be indicoted by a minus sign. Prepare a classified balance sheet for the Almway Corporation at December 31. 2024 The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Additional information: 1. The investment in equity securities account includes an investment in common stock of another corpor management intends to hold for at least three years. The balance of these investments is intended to b 2. The land account includes land which cost $26,000 that the company has not used and is currently list 3. The cash account includes $16,000 restricted in a fund to pay bonds payable that mature in 2027 and three-month Treasury bili. 4. The notes payable account consists of the following a. a $31,000 note due in six months. b, a $51,000 note due in six years. c a $51,000 note due in five annual installments of $10,200 each, with the next installment due Februa 5. The $61,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000 6. The common stock account represents 101.000 shares of no par value common stock issued and outsta has 400,000 shares authorized. Required: Prepare a classified balance sheet for the Almway Corporation at December 31, 2024. Note: Amounts to be deducted should be indicated by a minus sign. 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 2027 and $24,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $31,000 note due in six months b. a $51,000 note due in six years c. a \$51,000 note due in five annual instaliments of $10.200 each, with the next instaliment due February 15,2025. 5. The $61,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $9,000. 6. 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 classfied balance sheet for the Almway Corporation at December 31, 2024 Note: Amounts to be deducted should be indicoted by a minus sign. Prepare a classified balance sheet for the Almway Corporation at December 31. 2024

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

b. Explain how you initially felt about the communication.

Answered: 1 week ago