Please do not give solution in image format ? dditional information:1. The investment in equity securities account includes an investment in common stock of another corporation of $32,000 whichmanagement 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 $27,000 that the company has not used and is currently listed for sale.3. The cash account includes $17,000 restricted in a fund to pay bonds payable that mature in 2027 and $25,000 restricted in athree-month Treasury bill4. The notes payable account consists of the following:a. a $32,000 note due in six months.b. a $52,000 note due in six years.c. a $52,000 note due in five annual installments of $10,400 each, with the next installment due February 15, 2025.5. The $62,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $10,000.6. The common stock account represents 102,000 shares of no par value common stock issued and outstanding. The corporationhas 300,000 shares authorized.Required:Prepare a classified balance sheet for the Almway Corporation at December 31, 2024.Note: Amounts to be deducted should be indicated by a minus sign. Account TitleCashInvestment in equity securitiesAccounts receivable.InventoryPrepaid insurance (for the next 9 months)LandBuildingsAccumulated depreciation-buildingsEquipmentAccumulated depreciation equipmentPatent (net)Accounts payableNotes payableInterest payableBonds PayableCommon stockRetained earningsTotalsDebits$ 49,000114,00062,000202,0005,00094,000422,000112,00012,000Credits$ 102,00062,00079,000136,00022,000242,000306,000123,000$ 1,072,000 $1,072,000Additional information:1. The investment in equity securities account includes an investment in common stock of another corporation of $32,000 whichmanagement 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 $27,000 that the company has not used and is currently listed for sale.3. The cash account includes $17,000 restricted in a fund to pay bonds payable that mature in 2027 and $25,000 restricted in athree-month Treasury bill4. The notes payable account consists of the following:

Balance Sheet -A balance sheet is a type of financial document that shows the state of a business's…

1. The investment in equity securities account includes an investment in common stock of another corporation of $32,00 management intends to hold for at least three years. The balance of these investments is intended to be sold in the co 2. The land account includes land which cost $27,000 that the company has not used and is currently listed for sale. 3. The cash account includes $17,000 restricted in a fund to pay bonds payable that mature in 2027 and $25,000 restrict three-month Treasury bill 4. The notes payable account consists of the following: a. a $32,000 note due in six months. b. a $52,000 note due in six years. ca $52,000 note due in five annual installments of $10,400 each, with the next installment due February 15, 2025. 5. The $62,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $10,000 6. The common stock account represents 102.000 shares of no par value common stock issued and outstanding. The corp has 300,000 shares authorized

1. The investment in equity securities account includes an investment in common stock of another corporation of $32,00 management intends to hold for at least three years. The balance of these investments is intended to be sold in the co 2. The land account includes land which cost $27,000 that the company has not used and is currently listed for sale. 3. The cash account includes $17,000 restricted in a fund to pay bonds payable that mature in 2027 and $25,000 restrict three-month Treasury bill 4. The notes payable account consists of the following: a. a $32,000 note due in six months. b. a $52,000 note due in six years. ca $52,000 note due in five annual installments of $10,400 each, with the next installment due February 15, 2025. 5. The $62,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $10,000 6. The common stock account represents 102.000 shares of no par value common stock issued and outstanding. The corp has 300,000 shares authorized

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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