The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Debits $ 79,000 144,000 77,000 217,000 Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals 5,000 124,000 437,000 127,000 27,000 Credits $ 117,000 77,000 109,000 181,000 37,000 257,000 351,000 108,000 $ 1,237,000 $1,237,000 Additional Information: 1. The Investment in equity securities account includes an Investment in common stock of another corporation of $47,000 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 $42,000 that the company has not used and is currently listed for sale. 3. The cash account includes $32,000 restricted in a fund to pay bonds payable that mature in 2027 and $40,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $47,000 note due in six months. b. a $67,000 note due in six years. c. a $67,000 note due in five annual Installments of $13,400 each, with the next Installment due February 15, 2025. 5. The $77,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $4,000. 6. The common stock account represents 117,000 shares of no par value common stock Issued and outstanding. The corporation has 500,000 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 sian.
The following is a December 31, 2024, post-closing trial balance for Almway Corporation. Debits $ 79,000 144,000 77,000 217,000 Account Title Cash Investment in equity securities Accounts receivable Inventory Prepaid insurance (for the next 9 months) Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation equipment Patent (net) Accounts payable Notes payable Interest payable Bonds Payable Common stock Retained earnings Totals 5,000 124,000 437,000 127,000 27,000 Credits $ 117,000 77,000 109,000 181,000 37,000 257,000 351,000 108,000 $ 1,237,000 $1,237,000 Additional Information: 1. The Investment in equity securities account includes an Investment in common stock of another corporation of $47,000 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 $42,000 that the company has not used and is currently listed for sale. 3. The cash account includes $32,000 restricted in a fund to pay bonds payable that mature in 2027 and $40,000 restricted in a three-month Treasury bill. 4. The notes payable account consists of the following: a. a $47,000 note due in six months. b. a $67,000 note due in six years. c. a $67,000 note due in five annual Installments of $13,400 each, with the next Installment due February 15, 2025. 5. The $77,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $4,000. 6. The common stock account represents 117,000 shares of no par value common stock Issued and outstanding. The corporation has 500,000 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 sian.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following is a December 31, 2024, post-closing trial balance for Almway Corporation.
Debits
$ 79,000
144,000
77,000
217,000
Account Title
Cash
Investment in equity securities
Accounts receivable
Inventory
Prepaid insurance (for the next 9 months)
Land
Buildings
Accumulated depreciation-buildings
Equipment
Accumulated depreciation-equipment
Patent (net)
Accounts payable
Notes payable
Interest payable
Bonds Payable
Connon stock
Retained earnings
Totals
5,000
124,000
437,000
127,000
27,000
Credits
$ 117,000
77,000
109,000
181,000
37,000
257,000
351,000
108,000
$1,237,000 $1,237,000
Additional information:
1. The Investment in equity securities account includes an Investment in common stock of another corporation of $47,000 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 $42,000 that the company has not used and is currently listed for sale.
3. The cash account includes $32,000 restricted in a fund to pay bonds payable that mature in 2027 and $40,000 restricted in a
three-month Treasury bill.
4. The notes payable account consists of the following:
a. a $47,000 note due in six months.
b. a $67,000 note due in six years.
c. a $67,000 note due in five annual installments of $13,400 each, with the next Installment due February 15, 2025.
5. The $77,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $4,000.
6. The common stock account represents 117,000 shares of no par value common stock Issued and outstanding. The corporation
has 500,000 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 sian.
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