The following is a December 31, 2013, post-closing trial balance for Almway

Offered Price: $ 13.00 Posted on: 05/03/2016 11:59 AM Due on: 06/02/2016
Question # 00269358 Subject Business Topic General Business Tutorials: 1
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The following is a December 31, 2013, post-closing trial balance for Almway Corporation.
Account TitleDebitsCredits
Cash51,000
Investments116,000
Accounts receivable63,000
Inventories203,000
Prepaid insurance9,000
Land96,000
Buildings423,000
Accumulated depreciationAc€??buildings103,000
Equipment113,000
Accumulated depreciationAc€??equipment63,000
Patents (net of amortization)13,000
Accounts payable81,000
Notes payable139,000
Interest payable23,000
Bonds payable243,000
Common stock309,000
Retained earnings126,000
Totals1,087,0001,087,000


Additional information:

1.

The investment account includes an investment in common stock of another corporation of $33,000 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 $28,000 that the company has not used and is currently listed for sale.

3.

The cash account includes $18,000 set aside in a fund to pay bonds payable that mature in 2016 and $26,000 set aside in a three-month Treasury bill.

4.The notes payable account consists of the following:
a.a $33,000 note due in six months.
b.a $53,000 note due in six years.
c.

a $53,000 note due in 5 annual installments of $10,600 each, with the next installment due February 15, 2014.

5.The $63,000 balance in accounts receivable is net of an allowance for uncollectible accounts of $7,000.
6.

The common stock account represents 103,000 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, 2013.

Tutorials for this Question
  1. The following is a December 31, 2013, post-closing trial balance for Almway

    Available for: $ 13.00 Posted on: 05/03/2016 11:59 AM
    Tutorial # 00264596 Puchased By: 0
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