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This is what was only included in this homework its due in 1 hr :( The following is a December 31, 2016, post-closing trial balance
This is what was only included in this homework its due in 1 hr :(
The following is a December 31, 2016, post-closing trial balance for Almway Corporation Credits Account Title Cash Investments Accounts receivable Inventories Debits 67,000 132,000 71,000 211,000 9,000 repaid insurance Land Buildings Accumulated depreciation-buildings Equipment 112.000 431,000 111,000 121,000 cumulated depreciation- 71,000 equipment 21,000 Patents (net of amortization) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings 97,000 163,000 31,000 251,000 333,000 118,000 Totals 1,175,000 1,175,000 Additional information 1. The investment account includes an investment in common stock of another corporation of $41,000 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 $36,000 that the company has not used and is currently listed 3. The cash account includes $26,000 restricted in a fund to pay bonds payable that mature in 2019 and 4. The notes payable account consists of the following for sale $34,000 set aside in a three-month Treasury bill a. a $41,000 b. a $61,000 note due in six years c. a $61,000 note due in five annual installments of $12,200 each, with the next installment due note due in six months February 15, 2017 outstanding. The corporation has 600,000 shares authorized. equired: 5. The $71,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $8,000 6. The common stock account represents 111,000 shares of no par value common stock issued and Prepare a classified balance sheet for the Almway Corporation at December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)Step by Step Solution
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